Banks are increasingly seeing opportunities for collaboration with FinTechs, concludes the World Retail Banking Report 2016. Over 60% of the banking customers worldwide
use products or services provided by FinTech companies, according to the report produced by Capgemini and Efma, (the not-for-profit association of bankers and insurers).
The study focuses on FinTech disruption, and how FinTech companies are industry game-changers, attracting new customers and gaining customer trust. The report includes responses from over 16,000 customers across 32 countries and 140 industry executives around the world, making it one of the sector’s largest customer experience surveys.
FinTech companies have highest penetration in emerging markets and among younger customers, but trends show that their coverage includes people from all geographic regions and ages. FinTech providers gain popularity by increasing the perception that they are easy to use, offer fast service and provide a good customer experience. As a result, the study shows that customers are more likely to recommend their FinTech company than their own bank.
Notably, the opinion of bank executives differs from that of the customers. Only a third of the execs agree that FinTechs offer fast service and provide a quality customer experience. On the other hand, banks are also increasingly changing their strategy, and evolving their thinking away from perceiving FinTech companies as competitors, and more towards seeing them as partners. 65% of the bank executives are seeing the opportunity for collaboration with the organizations.
Read the full findings of the World Retail Banking Report 2016 here.