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According to a recent study from Ernst & Young, 37% of consumers now say a FinTech firm is their most-trusted financial services brand, compared with 33% who name a bank as their most-trusted brand. More concerning is that Among U.S. consumers, 31% name a FinTech as their primary financial relationship (PFR), up from just 6% in 2019.
Much of this shift has been caused by the shift to digital providers, that deliver more targeted solutions faster and more seamlessly than traditional banks and credit unions.
Our guest is Nikhil Lele, the principal for digital transformation at EY. He discusses the shift in financial services loyalty and what banks and credit unions can do to defend relationships in a digital age.
This episode of Banking Transformed is sponsored by FIS.
The way we move money is changing. We want to send money in real-time—to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Embedded, fast, standardized, frictionless and secure. These are our Financial Futures.
The Financial Futures podcast by FIS explores fintech innovation and the trends that are already transforming the way the world pays, banks and invests...across the globe. And the mechanisms we’ll need to prosper in this brave new landscape. Is the world’s technology up to the challenge? Are we? Find Financial Futures on your favorite podcasting app.
FIS. Advancing the way the world pays banks and invests.