The report follows a survey of 221 financial institutions conducted by the company, in response to a variety of consumer concerns. Eighty nine per cent of institutions questioned identified cyber security, with 85 per cent looking to take advantage of new technology.
Speaking of the findings, James Turner, managing director of Turner Little said: “It’s clear traditional banks need to embrace digital advances, such as those under the FinTech umbrella, to drive opportunity. Not only will this improve efficiency and help to manage risk, it’s critical to sustainable success.
“It’s understood that embracing digital innovation will provide banks with the key to reach their goals in 2018 and to appease fed-up consumers. It’s time to move with new advances, rather than wasting energy, money and custom fighting the tide.”
Core consumer concerns included complicated products and processes which “don’t fit with their lifestyle and take too long.”