Digital technology and the rise of Gen Z are fueling a massive transformation in banking...
| | | | Consumers are increasingly gravitating toward personal finance management and digital-only features. To remain competitive, incumbents have had to keep a close eye on emerging fintech plays, as well as reexamine their own offerings to adapt to consumers’ changing preferences.
As a part of our Banking coverage, Business Insider Intelligence has identified some of the most impactful trends reshaping the landscape.
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| Neobanks are digital-only, which means they aren’t saddled by traditional banking technology and costly networks of physical branches, and can offer considerably cheaper and more transparent fee structures 70% of US respondents to Business Insider Intelligence’s Mobile Banking Competitive Edge Study say that mobile banking has become the primary way they access their accounts Neobanks’ customer growth shows they’re winning over the masses: San Francisco-based Chime is adding more accounts per month than Wells Fargo or Citi
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| US mortgage debt accounted for 68% of the total household debt at the beginning of 2019 47% of consumers would be comfortable applying online for a primary mortgage Fintech mortgage lenders are 20% quicker at processing mortgage originations than traditional lenders
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| Financial institutions are investing about $1.7 billion annually in blockchain technology JPMorgan’s Interbank Information Network is the industry’s largest bank-led blockchain project and has attracted over 250 banks HSBC's forex trading initiative FX Everywhere went live in 2019 after reducing costs by 25% in its initial trial
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| Regulators in the UK have handed out more than 15 banking licenses to neobanks Open banking regulations in Europe have forced incumbents to open up their APIs and authorize third-party providers to access customer-permitted data Banking regulations will open up new revenue streams that could reach $2 billion in 2024
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| There are 68 million Gen Zers in the US, holding up to $143 million in buying power Financial service providers need to offer products that are digital-native: 46% of Gen Zers can’t go more than an hour without checking their phones, and 59% use technology for as many tasks as possible More than half of Gen Zers use digital wallets at least once a month for purchasing
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