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People would gladly go banking with Facebook

People would gladly take banking services from tech companies such as Google, Amazon or Facebook, a new survey has shown.

According to a new Europe-wide study by Fujitsu, the digital transformation keeps disrupting the financial industry, and if traditional service providers fail do adapt on time, tech disruptors will step in.

For the poll, Fujitsu asked 7,000 consumers about their interaction with banks and insurers.

Traditional payment is still the most popular, with 44 per cent of consumers reporting using it, but 32 per cent have already embraced mobile devices as payment services, 22 per cent are using wearable devices, and 20 per cent have been using crypto-currencies such as Bitcoin.

Crypto-currencies seem particularly strong in Eastern Europe, where 44 per cent of respondents said they use it.

“Today’s customers are no longer guarded,” said Francois Fleutiaux, Senior Vice President and Head of Sales, EMEIA, Fujitsu. “When it makes interaction more convenient they are willing to embrace innovation. They may not know where they need it until it is offered, but this is where technology comes to the fore - it is the engine that is driving consumer expectations forward and the financial services sector has to live up to this new pace of change.”

But the report also suggests financial services have plenty of opportunities – consumers are willing to buy more from them. A third said they'd buy energy for their home, as well as personal data storage.

Almost a third (30 per cent) said they'd buy broadband services from either their bank or insurer.

Photo credit: endermasali / Shutterstock

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.