Brits cautiously welcome tech giants’ banking plans

51% of Brits under 45 years old would be interested in banking products or services from Apple, Amazon or Google. That’s according to Equifax research involving 2,002 people. 

There’s a catch, however. 45% of those said that loans, credit cards or current accounts etc from these tech giants would only appeal to them if they offered better value than their existing provider. Across all age groups, the level of interest in banking products from Apple et al falls to 40%, with 27% of Brits preferring to stick with their existing bank on a ‘better the devil you know’ basis.

Jake Ranson, Banking and Financial Institution expert and CMO at Equifax, comments: “Although a sense of brand familiarity pins many people to their current bank, there’s an appetite for new products and a desire for alternatives that can offer something genuinely different. The tech giants have a loyal brand following in their own right, if they can combine this with a competitive product offering we’ll see an interesting shift in dynamics as the fight to attract customers heats up.”

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