As quoted from Fintech Magazine on 1st June 2019:
New research from fintech organisation Contis has stressed that high street banks must ‘innovate or die’.
The report found that 25% of UK consumers feel the traditional high street bank will be ‘dead’ within five years. Indeed, 40% of millennials either said that physical high street branches have either already had their day, or will disappear by 2025.
The report pointed to changing consumer expectations, in particular regarding technology, with 68% of consumers saying they want the same level of digital services from larger banks currently provided by challenger banks such as Monzo.
The research was done by Censuswide for Contis, and involved surveying 2,000 consumers. The report has been put together ahead of Money20/20 Europe, where Contis will exhibit.