Survey On Consumer Attitudes Toward Fintech Spells Trouble For Banks

By Laura Shin

As financial technology (or “fintech”) has begun encroaching on the territory of financial services, offering consumers new ways to pay, borrow, invest and more, few surveys have looked at consumer attitudes toward the growing sector.

A new survey by Blumberg Capital, a San Francisco-based early-stage venture capital firm that has invested in a number of such companies including Able Lending, Addepar, Lendio, Fundbox, FeeX, EarnUp, CoverHound and more, shows that three in five Americans say banks are failing to keep up with their needs and that 57% believe that traditional financial institutions will cease to exist in their current state within their lifetime.

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