Consumer opinions on traditional and neobanks worldwide 2022

Better customer service was a reason for six out of 10 consumers in North America, Europe, and Latin America to prefer traditional banks over online banks. This according to a survey carried out in April 2022 in 10 different countries across those three regions. The majority of the respondents also agreed that they prefer traditional banks because they like physically visiting the branch and being advised by professionals. Based on the survey, technical features - such as how to deposit cash into them, managing finances online, and the usage of personal data - are common reasons for not using online banks. With traditional banks closing, however, half of the respondents would consider switching to an online bank.