It has been said that folks are more receptive to an idea if they feel that it is their own idea. The digital transformation underway with payments and banking appears to be clearing acceptance hurdles as consumers recognize the advantages of improved insights from information sharing demonstrated in other industries such as healthcare and retail.
Lu Zurawski, Practice Lead EMEA, Retail Banking and Consumer Payments at ACI Worldwide comments:
“The data suggests that we have reached a tipping point at the intersection of technology and financial services where the majority of consumers now trust technology enough that they want it to enhance their financial lives. This is great news for the banking industry as many banks and financial service providers have been leveraging these new technologies for some time.
“However, the research also shows that a lot of work still needs to be done to educate consumers about how to take advantage of the new financial service offerings—and provide assurances that their personal information is safe. Raising consumer awareness about the challenges and opportunities of this ‘brave new world’ will be crucial to its success.”
Mercator Advisory Group’s own research around consumer integration of financial tools provided by financial institutions corroborates the comments above. We have also captured insights on which customer segments are not only receptive to these innovations, but are expecting them to be made available by their primary financial institutions.
Overview by Joseph Walent, Associate Director, Research Services at Mercator Advisory Group
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