GFT, a global IT consulting firm, has recently carried out a survey on banking disruptions and their impact on customers. The results of the survey showed that a majority of Brits are ready to embrace banking disruption and are open to trying out new, innovative technologies.
In this blog post, we’ll delve into the details of the survey and examine the key takeaways that are relevant to the banking industry. We’ll also look at how the disruption caused by fintech firms is driving traditional banks to adopt new technologies and change their business models.
The Survey Results: Brits Are Ready for Disruption
The GFT survey, which polled over 1,000 UK residents, found that 70% of respondents were open to using new banking technologies, even if they had not heard of them before.
This is a significant increase from a similar survey conducted by the firm in 2018, where only 56% of respondents expressed such willingness.
Furthermore, the survey revealed that 78% of Brits believe that banking disruption will ultimately benefit them. This is likely due to the fact that new technologies and services are making banking more convenient and accessible than ever before.
Key Takeaways for the Banking Industry
The results of the GFT survey provide valuable insights for banks and fintech firms alike. Here are some of the key takeaways:
- Banks need to embrace innovation: Traditional banks that resist innovation risk falling behind their fintech competitors. To stay relevant, banks need to be open to adopting new technologies and exploring new business models.
- Collaboration is key: Collaboration between banks and fintech firms can drive innovation and bring new products and services to the market. For instance, several banks have partnered with fintech firms to offer digital-only banking services to their customers.
- Customer needs should be at the forefront: Banks and fintech firms should focus on addressing the needs and preferences of their customers. This means developing products and services that are convenient, accessible, and tailored to the needs of different customer segments.
The Disruptive Role of Fintech Firms
Fintech firms are disrupting the banking industry by offering innovative solutions that address the pain points of customers.
For example, digital-only banks like Monzo and Revolut have gained a significant following by offering mobile banking services that are user-friendly and convenient.
Traditional banks are also starting to feel the heat, as customers increasingly demand digital banking solutions. To keep up with the competition, banks are investing heavily in technology and exploring new business models.
The GFT survey shows that Brits are ready for banking disruption and are willing to embrace new technologies.
This presents an opportunity for banks and fintech firms to collaborate and develop innovative solutions that cater to the needs of customers.
Ultimately, the winners in the banking industry will be those that put the needs of their customers first and are open to embracing change.