Note from the Publisher: We’ve not seen studies from this firm before, but NTT Data has published new reasearch finding that banks and consumers perceptions of fintech are not syncing up. Consumers want new easier to access functions while banks are remiss to update their technology systems to accomodate those preferences. Hence – new fintechs step in and lure customers away. It’s a vicious cycle for banks, but they have to address this gap sooner rather than later or they’ll lose the next generation of customers – millennials.
“An inconsistency exists between bankers and consumers’ thoughts on fintech, a new study from NTT Data finds.
Banks agree a modern, easy-to-use core operating system is important, but most don’t feel pressure to update their systems immediately. Consumers, on the other hand, would switch banks for a more innovative experience…….
The research digs into how financial institutions and consumers are being affected by the emergence of financial technology. The report, called Don’t Fear Modernizing Your Core, found customer loyalty is declining while banks struggle to update their technology systems.”