Fintech Has Forced Banks’ Hand on Blockchain, AI Adoption

The opportunity for fintech companies to disrupt traditional financial institutions is best observed today in millennials’ habits. Millennials have a clear preference for accomplishing tasks through digital applications and services — something fintech companies are better at providing than banks in terms of speed and personalization. Already, 62% of millennials in North America use products from fintech companies, according to the 2016 World Retail Banking Report. More disturbing, Gen Y customers are far less loyal to their banks: only 45% of North American millennials said they plan to stick with their current bank, compared to 85% of North American respondents from all other age groups. While banks have steadily built up their online and mobile channels — in part to appeal to millennials — the products and services they offer…


Link to Full Article: Fintech Has Forced Banks’ Hand on Blockchain, AI Adoption

Pin It on Pinterest

Share This

Join Our Newsletter

Sign up to our mailing list to receive the latest news and updates about homeAI.info and the Informed.AI Network of AI related websites which includes Events.AI, Neurons.AI, Awards.AI, and Vocation.AI

You have Successfully Subscribed!