Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 48 Survey Findings Customers of virtual banks and insurers have a sense of tech-savviness Promotion campaigns of virtual banks and insurers often feature the application of advanced technologies in their delivery of services and customer experience. Examples include ease of authentication using biometric techniques, fast loan approval using AI credit scoring systems, and providing investment recommendations using robo-advisors. These campaigns appeal to customers by associating them with an elevated sense of tech-savviness. Respondents were asked if they consider being a customer of virtual banks or insurers gives them a sense of tech-savviness. As shown in Exhibit 22, the majority of respondents (37.9%) replied they are indifferent with 35.4% disagree or totally disagree. Hence, it is not a major motivating factor to become a customer of a virtual bank or insurer. Exhibit 22 Customers of virtual banks and insurers have a sense of tech-savviness [1 - Totally Disagree ...... 5 - Totally Agree]