Seamless banking, seamless payments: Making every business a fintech business
This report focuses on the consumer attitudes on and opinions towards technology in the finance and payments landscape in 2020.
Looking at the responses of 2,000 consumers in the UK landscape to a ten question survey on this topic, we can see that in relation to the banking, retail and services sectors there is huge demand from consumers for effective technology that allows for seamless banking and payment experiences.
Our key findings are as follows:
- Consumers are loyal to their banking institution, but prize effective technology over all other things (including interest rates) when choosing where to bank
- Consumers are demanding technology that makes payment processes easier and more flexible when it comes to purchasing from retailers, and are willing to abandon transactions with retailers that do not provide this
- Easy and flexible payments are a key way for service providers such as telecoms and utilities companies to differentiate themselves from competitors
- There are many opportunities for UK businesses to learn from advanced digital societies to ensure consumer demand for financial technology can be met