Travelex reveals nearly 60% of UK consumers want a marketplace from their bank as finance fatigue kicks in
• 50% increase in fintech accounts held over the last 10 years versus 11% for current accounts from traditional banks
• 42% of consumers are frustrated with managing multiple accounts with over half considering closing accounts as a result
• 59% want their bank to consolidate accounts into a single marketplace, only 18% wanted a tech company to deliver this
(firmenpresse) - London 6th December 2017 marketplace.
Banks have been unbundled
The research, based on responses from 1,000 UK consumers, clearly shows an increasingly loyalty-averse public accruing money-related accounts that cater for discrete financial needs.
The average number of money-related accounts held by consumers has increased markedly over the last 10 years. The number of fintech providers used has increased by over 50%, with e-wallets (80%) and international money transfer accounts (29%) showing the biggest gains. In contrast, traditional banks have only seen an increase of 11%.
Younger consumers in particular have more diverse financial lives. Nearly a quarter of respondents under 36 have three fintech accounts or more.
Historically, consumers turned to their incumbent bank for a range of services. With unbundling consumers are increasingly enlisting a plethora of alternative providers to meet their financial needs, even if their bank has a similar offering.
New rules of attraction
The reason for opening additional accounts is driven by a specific financial need. The primary needs that lead people to stray are budgeting, bill payment and specific services like money transfer. Interestingly, only 11% cite the user experience as a reason to look beyond their current provider.
When selecting a particular provider, consumer focus shifts to
The race to re-bundle
Traditional banks have been unbundled and disintermediated by alternative providers. This has led to
42% of consumers expressed frustration at their lack of ability to manage multiple accounts from one place and, of those, 55% said they had considered closing accounts because of it. When asked who they wanted to provide a marketplace service that consolidates accounts and providers into a single dashboard, almost 60% said their incumbent bank.
Interestingly, re-bundling accounts would drive consumers to use an even wider range of providers. 59% of consumers would be more likely to use other money-related accounts if they could manage them from a single interface.
The report is available for download here: https://currency-solutions.travelex.com/downloads/Travelex White Paper.pdf
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
About Travelex Currency Solutions
The Travelex Currency Solutions platform reinvents physical and digital cross-border money movement* for financial institutions.
Headquartered in London, Travelex Currency Solutions has a 140-year heritage in foreign currency, pioneering the travellers’ cheques of the past and the digital payments of the future. With a presence in over 70 countries across six continents, Travelex has distilled its expertise and experience into a platform that reinvents physical and digital cross-border money movement* globally to ensure its clients remain one step ahead of the competition. The platform provides financial institutions with a trusted, efficient and accurate international money transfer service, plus secure and reliable banknote delivery of both major and exotic currencies.
The Travelex Currency Solutions platform means financial institutions and their customers can do business across borders as easily as they do locally, while guiding customers through the complexities of AML compliance processes necessary for additional services. Travelex Currency Solutions’ commitment to ensuring compliance with local regulations means it has a dedicated team of 80 compliance professionals, responsible for ensuring ongoing risk management across all the jurisdictions it operates in.
For more information visit: https://currency-solutions.travelex.com/
(*Physical and digital cross-border money movement refers to International Money Transfer)
Adam Millar and Elvina Soogun
CCgroup for Travelex Currency Solutions
travelex(at)ccgrouppr.com
+44 203 824 9200
Datum: 06.12.2017 - 07:17 Uhr
Sprache: Deutsch
News-ID 1530071
Anzahl Zeichen: 4548
contact information:
Contact person: Fran Cator
Town:
Lincoln
Phone: +44 (0)1522 883640
Kategorie:
Financial Services & Insurance
Typ of Press Release: bitte
type of sending: Veröffentlichung
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 1192 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Travelex reveals nearly 60% of UK consumers want a marketplace from their bank as finance fatigue kicks in
"
steht unter der journalistisch-redaktionellen Verantwortung von
RealWire (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
