Why the modern consumer should value transparency over tech in a Bank
Despite what stock prices say mega banks are still operating with a lack of transparency that is effecting millions of Americans. Thanks to the internet most banks nowadays offer free online banking, bill pay, and have a mobile app. This makes it more important to pay attention to the services that aren’t free at your bank.
Since the recession of 2009 there has been a copious number of fintech companies created. They are solving real problems and creating better services to help consumers manage their money. These new companies are creating more efficient ways to transfer and invest capital among other things. Billions has been invested in fintech startups worldwide.
What does this mean for traditional banks?
We’ve come to find out that most of these new ideas aren’t going to replace financial institutions as a whole, but are changing the way they operate. The rapidly growing popularity in fintech innovation shows the need that consumers have for faster, easier, and most importantly transparent services.
If traditional banks aren’t willing to adapt to the needs of the modern consumer they may be left in the dark. Brick and mortar banks need to accept innovation as progress, especially for keeping younger consumers engaged.
With so many different banking services available today younger consumers don’t feel committed to stay with just one financial institution, like their parents.
The internet has opened doors in many ways, especially for services that help improve our financial system. As more financial institutions integrate with new innovation the playing field will level and online convenience will be the norm.