51% of under 45’s interested in banking products from Apple, Google and Amazon

Written by Oliver Wade
15/05/2018

Over half (51%) of the British population under the age of 45 would be interested in banking products or services from technology giants such as Apple, Google or Amazon, revealed research from Equifax.

The study found that of those that said they would be interested, 45% said that products like loans, credit cards or current accounts would only appeal to them if they were able to offer better value and rates than their existing bank.

While the interest primarily comes from those under the age of 45, 40% of people across all age groups stated that they would be interested, with only 27% of them saying that they would prefer to use their existing bank as they are more familiar with them.

Equifax CMO and banking and financial institution expert Jake Ranson said: “The recent announcement that Apple is joining forces with Goldman Sachs to launch a consumer credit card highlights how tech companies plan to shake up the banking industry, creating products and services to compete against the big high street banking names as well as newer digital entrants.

“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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