Consumers increasingly favor fintech services over traditional banks. A PYMNTS Intelligence report revealed that 36% of 18-24-year-olds would select non-bank services for online payments rather than relying on their traditional bank. And over 75% of consumers overall have said they would think about changing financial institutions for better services, a rise from just 52% three years ago. Millennials are mostly likely to say so, but even 67% of Boomers are willing to switch if their banking needs aren’t met. The allure of new fin tech brands is mainly because of lower fees and more personalized financial offerings, meaning that banks must find a way to have similar offerings or risk losing customers to more flexible alternatives. (PYMNTS)
📊 YPulse data: 37% of 13-39-year-olds use an app to keep track of their finances
