Tech firms like Apple, Amazon biggest threat to traditional banks: Study

91% respondents in India expressed their willingness to run their finances through major tech firms rather than banks

Technology companies like Amazon, Apple and Tencent are emerging as the biggest challengers to traditional retail banks, which until recently relied on nimble financial technology solutions to upend the industry. Even as banks struggle to migrate transactions from their branches and call centres to digital channels, for reducing costs and meeting customer expectations, consumers are now increasingly preferring technology majors for financial services, finds a study by Bain & Company.
 
In its eighth annual retail banking study, in partnership with Research Now to survey more than 133,000 consumers in 22 countries, Bain found that at least half the respondents