LOS ANGELES—A significant number of Americans say they would consider putting their money in an Amazon Bank or Google Financial Services, according to a new study.
Nearly 60% of American banking customers would consider moving their money to accounts offered by familiar companies, such as online retailers, search engines, or big-box stores, even though they have no experience with financial services, the report from the Center for the Digital Future at the USC Annenberg School for Communication and Journalism shows.
The study found that if their deposits had the same guarantees as traditional banks, Americans who would consider a non-traditional banking company as possible financial partners cited Amazon, Google and Walmart, among others, USC News stated in its analysis.
The report also shows:
- 82% of customers are satisfied with their current banks but 46% of them would readily switch to another institution
- 55% currently visit their brick-and-mortar branch in person at least monthly
- 43% said they are likely to switch exclusively to online banking
“We strongly believe banking is the next industry to be completely disrupted by digital change,” Jeffrey Cole, director of the center told USC News. “Our research shows customers are far ahead of the banks in looking to the web and apps as their preferred banking methods.