As new providers gain ground, what actions should financial institutions take?

People choose financial services options that make their lives easier. To a growing number of people, that could mean transferring money to a friend through social media, tracking budgets through an app or taking out a loan through an online lender. That’s changing the way people bank, but is it changing how your financial institution offers and markets your services?

New research from Expectations & Experiences, the quarterly consumer trends survey from Fiserv, finds many consumers are comfortable with nontraditional entrants. That’s especially true among younger, urban and high net worth individuals. The Expectations & Experiences: Channels and New Entrants survey conducted by Harris Poll found 16 percent of consumers overall would be comfortable paying bills through a social media company, compared with 35 percent of millennials, 28 percent of urban dwellers and 23 percent of those with more than $1 million in investable assets.

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