Consumers using third-party payment apps much more than bank: Survey

Photo: iSTOCK
It’s a very sensitive battle, but by far technology companies seem to be having the upper hand over banks, going by the consumers’ perception, according to a recent survey by Bain & Company. It’s a different thing that banks, especially the new age ones, are trying to become technology heavy in order to justify their existence, but the consumer seems to have a different opinion. The survey found that consumers in China, India and Latin America are more open to banking with technology firms than others, while millennial in almost every country are open to this. Going by the trust factor, traditional banks seem to have already lost it, especially in Italy, China, India and the UAE. While firms such as PayPal and Amazon have been able to garner a level of trust almost as high as primary banks, it’s just a matter of time before banks will start losing out customers to these insurgent competitors.