FinTech Bridging the Gap in Trust

13 December 2015 | FinTech Weekly

The trust in banks by their customers took a big hit during the 2008 financial crisis. To make matters worse, the banks are doing little to rebuild this lost in public trust. FinTech companies, on the other hand, are gaining the trust of consumers.

According to the article Galarza, "millennials are twice as likely as the rest of the US population to hold no bank accounts or credit cards, with 41 per cent of this demographic choosing to use alternative finance solutions. They also trust tech, with 31 per cent saying they would prefer a tech company to their bank when it comes to looking after their finances. With this combination going for them, FinTech companies can seize on their credentials of trust and integrity in order to capitalize on banks’ failings."

To read the full article, please click on the Link.