NCR Corporation has shared results from its recent survey conducted online by The Harris Poll. More than 2,000 U.S. adults, among whom more than 1,800 have a primary financial institution (referred to as banking customers throughout), were surveyed around their banking relationships and preferences.
Key findings from the survey include:
Nearly 2 in 5 banking customers (39%) have considered leaving their primary financial institution (FI) over the past 12 months, this jumps to 64% among millennial banking customers (ages 18-34).
More than half of banking customers (59%) have banking relationships with more than one financial institution outside of their primary FI. Banks and credit unions no longer only compete with the institution down the block but also with nontraditional threats like neobanks, big techs and fintech providers.
78% of Americans would rather use an FI than a tech company for personal finance management (PFM) capabilities, 73% of Americans would rather use an FI than a tech company for Buy Now, Pay Later services (BNPL).
If they had to choose, more than 3 in 5 Americans (62%) would rather use an FI over a tech company for cryptocurrency capabilities.
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