Even big tech knows who “owns” the consumer relationship for financial products – and it’s not them.
Tech giants like Apple, Google and Samsung might be taking a whack at financial products, but what’s the first step they all take to go to market with their product? They all find financial institutions to partner with.
While they have a lot to offer in terms of consumer behavior and preferences, what they don’t have is the trusted relationship with the consumer for financial services. An Ondot Harris Poll survey found that while 60% of consumers would consider purchasing financial products from a tech company, 45% of them didn’t trust that they wouldn’t use the data for other parts of their business.
Click here to see the PYMNTS.com interview with Prasanna Narayan from Ondot, and his answer to the question “What can card issuers and FI’s bring to the card experience that big tech firms can’t? “