Today In Data

Is Retail The Next Frontier In Banking?

Is Retail The Next Frontier In Banking?

Consumers are willing to bank with non-financial institutions – particularly big-name brands – if they are able. FIs are flagging when it comes to deployment of financial products and new technologies. In retail, pet marketplace Good Dog raised funds as it seeks to connect prospective pet owners with their new best friends. And virtual reality could provide the secret sauce for retail and 5G with emerging developments in the space. All this, Today In Data.

Data: 

91 percent: Share of mobile banking users who prefer accessing their app over going to a physical branch.

57.5 percent: Share of consumers who would be interested in banking with non-FIs.

26.7 percent: Portion of financial institutions that completed innovations early in 2018.

$6.7 million: Amount of funding Good Dog recently raised from investors.

$1.8 billion: Amount that virtual reality will generate in retail and marketing spend by 2022.

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