CYBER SECURITY
60
The banking industry is in flux . Long protected from upstart newcomers by virtue of their size and age , the traditional giants are now finding themselves squeezed by technology-enabled challenger banks . The innovations made by these newcomers , in areas such as currency exchange and data accessibility , are leading customers that demand more from their existing accounts . Indeed , some 68 % of UK consumers want parity between the digital services offered by banks both old and new .
That ’ s according to research conducted by the banking and payments services provider Contis . Surveying 2,000 British consumers , the company made some striking findings regarding the evolving banking sector .
One of the chief resources possessed by traditional banks is trust . Contis ’ research found that twice the number of people were willing to put their faith in established banks compared to challengers : 60 % versus 30 %. It ’ s not a statistic that flatters the challenger banks . Nevertheless , despite the lack of trust , a quarter of those surveyed predicted the demise of the high street bank in five years . The matter , however , may not be so cut and dry .
Flavia Alzetta , CEO of Contis , speaks to FinTech magazine about the findings , as well as the nature of the company and her advice to women in the fintech space .
OCTOBER 2019