Banks are under attack from technology companies and other insurgents, some of which have strong offerings and a more appealing experience for customers. In payments, for instance, third-party providers have come to dominate in many countries, including Brazil, Germany and India. In Indonesia, Go-Pay has been adopted by 39 percent of respondents in Bain & Company’s recent consumer survey, ahead of the 31 percent adopting a credit card.
The tech companies obviously have digital expertise, and the big ones have massive customer bases and stores of cash. But they have also developed another weapon: consumer trust. Firms such as PayPal and Amazon garner a level of trust with consumers almost as high as banks in general, according to the survey of nearly 152,000 consumers in 29 countries. In Indonesia, some 65 percent of respondents trust at least one tech company mor...
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