In a survey of 16,000 customers, Capgemini found that they are increasingly becoming users of so-called "novel" financial services and that these customers clearly prefer these new services over traditional providers such as banks.
Leading the way are those who have started using financial products more recently, including millennials and emerging market consumers.
They are winning hearts and minds, giving them a “top-of-mind” advantage as users are almost 20% more likely to refer a fintech company than a bank. Moreover, they are earning trust with almost 90% “somewhat or completely” trusting their fintech provider. In combination, the report paints a picture of an imminent tipping point as nimble, fast, cheap and tech savvy start-ups peel off “specific pieces of the banking business such as payments, loans or deposits, and develop niche offerings that are highly attuned to customer preferences.”