One-third of consumers interested in banking with Google, Amazon, Facebook

Would you be interested in banking with the likes of Google, Facebook, or Amazon? According to research published this week from Accenture, almost one-third of consumers would be.

by Helen Leggatt

A survey conducted between May and June last year by Accenture, to which 32,715 people responded from 18 different countries, found that, if Google, Facebook or Amazon offered banking services they would be willing to try them.

That figure rises to 41% among those aged between 18 and 21 and is even higher in markets such as the United States, where 50% would be willing to make this switch.

Furthermore, 29% overall said they would be interested in switching their insurance products to those companies and 38% said they would be happy to make use of financial advice from them.

In terms of region, in Brazil, 60% said they would be willing to switch their banking accounts. In Indonesia and Italy, 54% and 52%, respectively, said they would switch accounts.

"Consumers expect nearly all of their transactions to be on par with the service they receive from GAFA (Google, Amazon, Facebook and Apple) companies, which poses a challenge for banks in particular. Banks need to create branches that provide an advanced digital experience combined with convenient locations, while also developing an online digital experience that can compete head on with the tech giants," said Alan McIntyre, senior managing director, head of Accenture Banking.

"The vast majority of today's consumers view their bank relationships as entirely transactional; in order to gain customer loyalty, banks have to be more assertive in using technology to provide tailored, personalized offerings when, where and how customers want them."