Banks Have Big Tech Breathing Down Necks, Competition Heats Up

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Posted To: MND NewsWire

We usually hear about Fannie Mae’s National Housing Survey (NHS) in terms of whether respondents think it is a good time to buy or if they see the economy moving in the right or the wrong direction. But the third quarter survey looked at consumers’ relationship with their banks and their comfort level with Big Tech’s Tech (e.g., Google, Amazon, Apple, and Facebook) foray into financial services. Only 43 percent of respondents say they would be very likely to recommend their bank, but when asked why they tend to stay with them the most common answer (43 percent) was force of habit. Twenty-five percent said it was because they trusted the institution while smaller numbers said it was due to a convenient location, faster and more efficient services, or better rates. Only 10 percent chose a better…(read more)

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