Ready to hand over US service accounts to Amazon, Apple and Google

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A significant proportion of consumers will collaborate with financial or non-financial institutions that provide them with the best tools for managing costs and money.

Photo: PYMNTS

Talking about the disappearance of traditional banks, it is going on with regularity. And although this obviously won’t happen soon, the results of a survey in the United States showed that a quarter of Americans are ready to break ties with their bank and assign account services to big tech companies such as Amazon, Apple and Google Huh. The only condition is that companies should provide customers with an easier and more convenient way of managing money.

A survey has been conducted among 3,000 US consumers who have at least one credit or debit card and a smartphone showed that 24% “want” or “really” want to switch to new generation banking services Huh. Another 48% said they would open an account with technology companies. And that means a potential $ 1.6 trillion worth of credit and debit card transactions that banks could lose.

according to this The researchIn the near future, there are no plans for mass withdrawal of consumers from banks, and BigTech companies are not ready to offer a complete alternative to personal banking. But a significant proportion of consumers will cooperate with financial or non-financial institutions that provide them with the best tools for managing costs and money.

According to the respondents, the “best financial management application” allows you to manage multiple card accounts, provide an analysis of the structure of expenses, send alerts about transactions, track the location of the card and report you in the event of a loss , And will also provide various programs.

Thus, if banks do not want to lose a significant portion of their customers, they need to invest in technologies that will help attract and retain customers.

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ByteDance, known for its TicketLock social network, plans to expand its product line by adding banking services. For this, the company applied for a license for electronic banking, which is issued by the Monetary Authority of Singapore.

Read: Top 8 trends of digital payments in 2020

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