Fintech and Retail Banking in the U.S. 2019

Topics of the survey

• Banking
• FinTech
• InsurTech
• Mobile Payment
• Demographics

• Method: Online Survey
• Survey name: Fintech and Retail Banking
• Region: USA
• Number of respondents: 1,012
• Age of respondents: 18-69 years old
• Type of respondents: US residential online population who have a bank account
• Survey time period: 14th to 16th of May 2019

• Gender
• Age
• Principal bank account
• FinTech
• InsureTech
• Interest in Mobile Payment
• Income

Banking

• Do you have your current principal account with a traditional bank (with a branch network) or a direct bank / internet-only bank?
• Let's talk about your current bank … Which of the following products or services provided by banks or financial service companies do you currently use personally?
• You stated that you have your main bank account with a traditional bank. Please tell us the financial institution you have your main bank account with.
• Which of the following direct bank / internet-only bank banks do you know at least by name?
• You stated that you have your main bank account with a direct bank / internet-only bank. Please tell us the financial institution you have your main bank account with.'
• Overall, how satisfied are you with your bank?
• How satisfied are you with your traditional bank? / Speed of processing my banking transactions'
• How satisfied are you with your traditional bank? / Friendliness of staff'
• How satisfied are you with your traditional bank? / Image'
• How satisfied are you with your traditional bank? / Staff competence'
• How satisfied are you with your traditional bank? / Account maintenance terms'
• How satisfied are you with your traditional bank? / Loan terms'
• How satisfied are you with your traditional bank? / Financial investment terms'
• How satisfied are you with your traditional bank? / Proximity of local branch (i.e. branch network)'
• How satisfied are you with your traditional bank? / Opening hours'
• How satisfied are you with your traditional bank? / Accessibility'
• How satisfied are you with your traditional bank? / Online banking'
• How satisfied are you with your traditional bank? / Smartphone apps'
• How satisfied are you with your traditional bank? / Telephone banking'
• How satisfied are you with your traditional bank? / Transparency of contractual terms'
• How satisfied are you with your traditional bank? / Availability of ATMs / self-service terminals'
• How satisfied are you with your direct bank? / Speed of processing my banking transactions'
• How satisfied are you with your direct bank? / Friendliness of staff'
• How satisfied are you with your direct bank? / Image'
• How satisfied are you with your direct bank? / Staff competence'
• How satisfied are you with your direct bank? / Account maintenance terms'
• How satisfied are you with your direct bank? / Loan terms'
• How satisfied are you with your direct bank? / Financial investment terms'
• How satisfied are you with your direct bank? / Online banking'
• How satisfied are you with your direct bank? / Smartphone apps'
• How satisfied are you with your direct bank? / Telephone banking'
• How satisfied are you with your direct bank? / Transparency of contractual terms'
• How satisfied are you with your direct bank? / Availability of ATMs'
• What advantages of a traditional bank with a branch network do you profit from on a regular basis?
• In general, how likely would you be to switch from your traditional bank to another bank if you were offered a better deal
• And how likely is it for you to switch from your current bank to a direct bank / internet-only-bank if you were offered a better deal?
• What aspects would make you consider switching to a direct bank / internet-only bank?
• In general, how likely would you be to switch from your current bank to another bank if you were offered a better deal?
• And how likely would you be to switch from your current bank to a traditional bank with ist own branch network if you were offered a better deal?
• What aspects would make you consider switching to a classic bank with a branch network?
• How often do you make use of the following channels to contact your traditional bank? (Frequently)
• How often do you make use of the following channels to contact your direct bank? (Frequently)
• Now a question about banking in general: How would you generally assess the current customer-friendliness of the following banking and financial services as a whole? (Satisfied)

• These days, not only traditional and direct banks / internet-only banks, but also an increasing number of technology and internet companies, the so-called "fintechs", are offering a whole range of financial services. Have you heard of so-called fintechs?
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? / Online stock portfolio management providers via smartphone or internet (e.g. Robinhood)'
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? / Online investment management providers via smartphone or internet (e.g. Portfolio Tracker USA Today)'
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? / Robo-Advisors, which are automated investment portfolio products managed by individually configured algorithms (e.g. Betterment, Vanguard)'
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? / Internet and smartphone banks (e.g. Ally Bank)'
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? / Personal financial management tools and apps (e.g. YNAB - You Need a Budget)'
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? / Web-based insurance companies (e.g. Esurance)'
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? / Digital insurance broker (e.g. PolicyGenius)'
• Which of these products or services by alternate providers (i.e. fintechs) are you familiar with? (Top 2: Already use it or probably will use it)
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? / Loan comparison sites (e.g. Bankrate)'
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? / Internet-only loan providers (e.g. Lending Club)'
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? / Crowdfunding: Project funding by end customers (e.g. Kickstarter)'
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? / Crowdlending / Peer-to-peer lending: Lending of money directly between individuals and between individuals and companies (e.g. Upstart)'
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? / Internet payment services (e.g. Paypal)'
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? / Mobile payment services (e.g. Apple Pay)'
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? / Cryptocurrencies / Digital money (e.g. BitCoin)'
• Which of these further products or services by alternate providers (i.e. fintechs) are you familiar with? (Top 2: Already use it or probably will use it)
• We want to get your take on the future…Which of these statements do you agree with?
• What areas do you think will see noticeable improvements because of the internet over the coming years?

• Beside fintechs, there are also a rising number of so-called "insurtech" companies. These are companies providing insurance online by using new technologies to introduce innovations. Have you heard of insurtechs before?
• Which of the following insurance policies do you currently own?
• Which of the following online insurance companies do you know at least by name?
• Do you own a digital insurance product or direct online insurance policy? These are insurances which you have taken out online.'
• Do you own an insurace product provided by any of the companies listed below?
• In general, how likely would you be to switch from your current insurance provider to another insurer if you were offered a better deal?'
• In the future: Would you buy the following policies online? / Life insurance'
• In the future: Would you buy the following policies online? / Health insurance'
• In the future: Would you buy the following policies online? / Car insurance'
• In the future: Would you buy the following policies online? / Property insurance'
• In the future: Would you buy the following policies online? / Liablity insurance'
• In the future: Would you buy the following policies online? (I have done it / I would consider it)
• Did you take out an online insurance policy in the last 12 months for the following products?
• What aspects would make you consider switching to a direct online insurer?

• Let us now switch to cashless mobile payment services via smartphone or tablet computer directly at the checkout counters. How interested are you in being able to use your smartphone to complete in-person payments by tapping a special receiver?
• What methods of mobile payment are you familiar with or do you use? / Through an app of the respective company (e.g. the Starbucks app)'
• What methods of mobile payment are you familiar with or do you use? / By holding my smartphone near a reading device (NFC or BLE)'
• What methods of mobile payment are you familiar with or do you use? / Via text message'
• What methods of mobile payment are you familiar with or do you use? / Through an payment app (e.g. by scanning QR codes)'
• What methods of mobile payment are you familiar with or do you use? (Use it frequently / Have made use of it)
• Why are you not interested in using a smartphone to process payments instead of cash or cards?
• Were you aware that more and more checkout counters support mobile payments via smartphone?'
• Why have you not made use of mobile payment services so far?
• What would motivate you to try cashless payments via smartphone in the future?
• In general, how appealing do you find the possibility to make payments on the go, simply by using your smartphone?'
• What are the main reasons you started using mobile payment?
• What providers of contactless, digital or mobile payment systems do you know at least by name?
• And which provider did you use for paying with your smartphone?
• Where or in what situations have you made payments via smartphone during the past 12 months? / Paying for taxis or tickets for public transport'
• Where or in what situations have you made payments via smartphone during the past 12 months? / Buying gas or snacks at gas stops'
• Where or in what situations have you made payments via smartphone during the past 12 months? / Buying everyday groceries (e.g. at supermarket)'
• Where or in what situations have you made payments via smartphone during the past 12 months? / Buying clothing, shoes and accessories (e.g. at department stores and fashion stores)'
• Where or in what situations have you made payments via smartphone during the past 12 months? / Buying consumer electronics (e.g. at electronics stores)'
• Where or in what situations have you made payments via smartphone during the past 12 months? / At restaurants and cafés'
• Where or in what situations have you made payments via smartphone during the past 12 months? / At bars and clubs'
• Where or in what situations have you made payments via smartphone during the past 12 months? / For admissions to public facilities such as museums and swimming pools'
• Where or in what situations have you made payments via smartphone during the past 12 months? (Top 2: Always / Frequently)
• Did you use an app (e.g. Paypal, Venmo, Cash App, Zelle or Xoom) to send money to friends or acquaintances in the last 12 months?
• When making mobile payments, which of the following payments methods do you use in your mobile payment app?
• Which of these debit or credit cards have you loaded into your mobile payment app?
• Which of these cards is the default card in your mobile mobile payment app – the one that comes up automatically when you tap to pay?'
• Have you experienced any difficulties when attempting to use a mobile phone to pay for goods or services at retail locations?
• In what situations would you like to be able to make cashless payments via smartphone more often / at all in the future?
• Which payment method do you prefer for the following type of purchase shown below? / Coffee shops'
• Which payment method do you prefer for the following type of purchase shown below? / Entertainment (e.g. movie theatre)'
• Which payment method do you prefer for the following type of purchase shown below? / Transportation (mass transit, parking fees, etc.)'
• Which payment method do you prefer for the following type of purchase shown below? / Big-ticket items (e.g. computers, home appliances)'
• Which payment method do you prefer for the following type of purchase shown below? / Fast food restaurants'
• Which payment method do you prefer for the following type of purchase shown below? / Sit-down restaurants (with waiter/waitress service)'
• Which payment method do you prefer for the following type of purchase shown below? / Groceries'
• Which payment method do you prefer for the following type of purchase shown below? / Gas station'
• Which payment method do you prefer for the following type of purchase shown below? / Convenience store purchases'
• What methods of authorizing a payment would you consider to be trustworthy?
• What is the minimum and maximum purchase size that you would typically use a mobile phone to pay for? / Minimum
• What is the minimum and maximum purchase size that you would typically use a mobile phone to pay for? / Maximum
• Which provider of payment systems (online/mobile) do you consider to be the most trustworthy?'
• Which provider of payment systems (online/mobile) do you consider to be the most innovative?'
• Which provider of payment systems (online/mobile) do you consider to be the most user-friendly?'

• What is your gender?'
• How old are you?
• What is your primary language?'
• Which race / ethnicity best describes you?'
• What is the highest level of education you have completed?'
• What is your marital status?'
• Which of the following categories best describes your current employment status?'
• How many children and teenagers below 14 years of age permanently live in your household, no matter if they are your natural children or not?'
• How many people – including yourself and all children – permanently live in your household?'
• How big is the town you live in?'
• In what type of community do you live?'
• Where do you currently live?'
• How much total combined money do all members of your household earn annually? This includes money from jobs net income from business, farm, or rent pensions dividends interest social security payments and any other money income received by members of your'