Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 50 Survey Findings Customers of virtual banks and insurers have a sense of innovativeness When compared with traditional banks and insurers, technology lies at the core of the business models of virtual banks and insurers. The word “virtual” gives an impression of innovation and a futuristic outlook. Since virtual banks and insurers utilize advanced technologies, including big data, machine learning, and natural language processing, they may appeal to customers who are looking for novel and technology-driven products. Respondents were asked whether being a customer of virtual banks or insurers gives them a sense of innovativeness and standing out from the crowd. Exhibit 24 shows that 37.0% of respondents are indifferent. The total number of replies that agree and totally agree (27.1%) is lower than those who totally disagree and disagree (35.8%). Overall, more respondents disagree than agree. The finding reveals that the public has yet to associate innovativeness with virtual banks and insurers. Similar to tech-savviness, it is not a strong motivation to become a customer of a virtual bank or insurer. Exhibit 24 Customers of virtual banks and insurers have a sense of innovativeness [1 - Totally Disagree ...... 5 - Totally Agree]