A survey shows that majority of Americans believe traditional banking providers will cease to exist in their lifetime because financial institutions are failing to keep up with changes in digital channels.
Three of five Americans believe that their banking providers are failing to keep up with their needs in today’s digital world, leading many to wonder if traditional financial institutions will disappear… and what kinds of financial service providers might emerge to take their place. 57% of respondents in a study fielded by Blumberg Capital believe that the traditional banks and credit unions around today will cease to exist within their lifetime. Conversely, nearly 70% believe that fintech players are making their financial lives better and improving their financial health. The findings suggest a murky and difficult future for traditional financial institutions that fail to embrace new technologies and keep up with the pace of change in the new Digital Age.