4 out of 5 people who use digital banks would switch to Amazon
Digital banking has been slower to impact consumers' savings habits than their checking and card transactions. Online and mobile banking experience, however, has begun to alter consumer attitudes. Understanding the different types of saver behaviors can help banks and credit unions hold onto their deposits.
Nearly two-thirds of U.S. consumers are thinking about opening a new savings account, and about half of them (47%) say they would be comfortable with an online-only provider like Ally, Discover or Synchrony, according to a survey conducted by the Consumer Bankers Association and Novantas.
As consumers do more and more banking online their views about handling their money change — to the point where one out of five would consider keeping their savings with Amazon or Google if those companies offered a savings account, according to the CBA/Novantas study. Looked at from the other end of the telescope, the study notes that nearly 80% of the 3,000 consumers surveyed would not consider placing their savings with a big tech firm. However, among those consumers surveyed who are already comfortable with online-only providers, four out of five (79%) would consider saving with a big tech company if they could.
These are hypothetical statistics, of course, since these big tech firms do not have a banking charter, and may never apply for one. But they may not need to. They have already shown that they are willing to partner with banks as Apple did with Goldman Sachs. In fact, the Apple Card functions as much like a debit card as a credit card.
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