Adoption of Virtual Banks and 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