A new report by The Economist Intelligence Unit (EIU), sponsored by Temenos, analysed over 10 million online conversations in public forums about personal finance.
Using special software to comb through social media discussions, researchers at The Economist find that traditional banks enjoy solid reputations for trustworthiness, safety and being, well … boring. By contrast challenger banks and fintechs get cast in a sketchier light, but consumers crave the financial empowerment features that their accounts offer.
As banks scramble to stand up digital interfaces and participate in the SBA Paycheck Protection Program (PPP) that launched today, fintech providers are rolling out different technology platforms to help lenders process the flood of small business loan applications.