Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 71 Survey Findings Security was the most popular choice, which is consistent with the challenges identified in Exhibit 36. Banks and insurers must be dependable in safeguarding the assets and personal data of their clients. While enjoying the convenience and lower fees of using virtual banks and insurers, respondents also demanded personalized and quality services. Success factors for virtual banks and insurers At this early stage of development, the user base of virtual banks and insurers is still small. To facilitate the adoption of these new entries, it is imperative to understand customers’ concerns and expectations. Respondents were asked to identify at most three areas that virtual banks or insurers must excel in order to be successful. As shown in Exhibit 39, security is ranked the most important, followed by personalized services, and quality of service. Exhibit 39 Success factors for virtual banks and insurers