Six in Ten US Consumers Feel Banks Will Become Obsolete In Their Lifetime

Bitcoin enthusiasts are looking forward to bringing banks to their knees. Even though that seems highly unrealistic right now, a lot of US consumers seem to share this opinion. A recent survey goes to show most consumers are fairly certain institutions will cease to exist in their lifetime. A rather surprising finding, although it goes to show trust in financial institutions is at an all-time low.

It is somewhat surprising to find out Americans believe the system of banks will come to an end. Nearly 60% of respondents to a Blumberg Capital survey seem to share this sentiment. Banks are struggling to keep up with consumer demands, which are always shifting and changing.

Whether or not financial institutions will completely disappear in the years to come, remains anybody’s guess. But it is certain consumers and enterprises are flocking to alternative finance like never before. Fintech and cryptocurrencies provide services and tools that the banking system cannot.

Banks Continue To Struggle With Innovation

To put things into perspective, 57% of survey respondents believe banking institutions will disappear during their lifetime. In most cases, this still means institutions will be around for several more decades, giving them ample of time to innovate. However, almost 70% or surveyed people feel Fintech solutions will take their place in the end, as they provide more convenience.

Over the past few years, Fintech has become the new norm in the financial sector. Three in five US consumers have a positive outlook on Fintech, and they seem to agree these new solutions provide consumers with more power of their finances. Anyone who wants complete financial control may want to take a closer look at Bitcoin, though.

Among the new modern trends are digital banking, online lending, and global financial transactions. It is not surprising Bitcoin offers all of this functionality and even more.  More Importantly, these new services provide access to financial tools that were previously unavailable to regular consumers.

Blumberg Capital Founder David Blumberg stated:

“While no one knows what will happen in the banking business over the next 20 years – it’s clear that more Americans are increasingly dissatisfied and are excited to embrace new technologies. At Blumberg Capital we believe in this change and that is why we partner with forward thinking banks and invest in the companies at the center of the FinTech revolution. These financial institutions and companies are providing consumers and small businesses access to new financial products and services that are helping save money, make smarter decisions and operate more efficiently.”

It is clear to see consumers are fed up with the way the banking system works. Whether it is due to paying too much interest or not having an automated way of paying bills, there are plenty of problems. Some things will need to change, but until that happens, Fintechs and Bitcoin are leading the charge in the innovation department.

Source: Finextra