Adoption of Virtual Banks & Insurers

Adoption of Virtual Banks and Insurers 65 Survey Findings Factors preventing the adoption of virtual banks Earlier in the questionnaire, we asked respondents how likely they were to open a virtual bank account in the next 12 months (Exhibit 16). Following on from this, we want to know the reasoning behind those who are reluctant to open a virtual bank account. This question was aimed at respondents who replied totally unlikely (44.4%) or unlikely (24.6%). These two groups of respondents were asked to select the reasons from a list for their reluctance to engage virtual banks. Out of the five reasons shown in Exhibit 34, 36.1% of respondents replied, “I already have a traditional bank account(s).” This is followed by 29.1% who said, “I don’t trust the new virtual banks.” The third reason (23.6%) was the uncertainty or lack of knowledge in terms of the differences between the two types of banks. Exhibit 34 Factors preventing the adoption of virtual banks