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62% of people ‘would switch their bank account to a FinTech provider’

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Some 62% of people would consider switching their current account over from a bank to an alternative financial services provider, according to a new survey.

The survey,  jointly produced by Personetics and Red Bricks, probed 1,000 UK bank consumers in an attempt to assess their attitudes towards traditional finance institutions and FinTech providers.

According to the findings, 45% of those who said they did not have an account with an alternative financial services provider said they would consider setting one up.

The survey also found that 82% of people who banked with alternative financial services providers were likely or very likely to recommend them to their friends. In comparison, only 68% of those banking with traditional banks would do the same.

Although the vast majority of consumers surveyed still  hold their current accounts with a traditional finance institution, the survey found that a growing minority of people are using alternative financial service providers for other, high value financial services.

The survey results also showed that consumers perceive alternative FinTech providers  to be “more convenient, easier to interact with and faster than traditional banks without any perceived loss in security”.

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