A study on the Finnish consumers’ attitudes and interest toward Neobanks
Pirinen, Silla (2022)
Pirinen, Silla
2022
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2022120726886
https://urn.fi/URN:NBN:fi:amk-2022120726886
Tiivistelmä
The regulation and practices of the banking sector changed significantly in the wake of the 2008 financial crisis. This change created an opportunity for FinTech companies to enter the market, which has since enhanced and disrupted the banking sector and other players in the financial sector. This has given rise to an entirely new bank, Neobanks. Neobanks offer their customers a wide range of banking services and other financial products entirely digitally, without the need for a physical branch network. These fully digital banks have received lots of media attention over the past decade worldwide, and are often referred to as "disruptive", reinforcing the image that neobanks have entered the market precisely to disrupt and change the already existing banking sector with their innovative products and services.
The main purpose of the thesis was to find out the awareness and interest in neobanks among
Finnish consumers between the ages of 18 to 31. Although neobanks are a global phenomenon, this research focused on the Finnish market and Finnish consumers only.
The theoretical base on this topic provides information on the forces behind neobank revolution
such as FinTech, PSD2, and Open Banking, followed by theories about Neobanks themselves.
The knowledge base also explores the factors that influence consumers' purchasing decisions
in banking services. The empirical part of the study, which examined consumers' views on neobanks, was carried out using quantitative methods and the survey data was collected through a structured internet survey in November 2022.
The results of the study show that consumers are not particularly aware of neobanks or if they
are, their knowledge of the subject is very limited. Interest and trust in neobanks vary a lot
among respondents, but in general, it can be observed that Finnish consumers are potential
customers for neobanks and the author believes that digitalization and technological development will contribute to the acceptance and adoption of neobanks in Finland. To encourage consumers to switch to a neobank, they would need to be much better informed about the neobanking model and its benefits.
The main purpose of the thesis was to find out the awareness and interest in neobanks among
Finnish consumers between the ages of 18 to 31. Although neobanks are a global phenomenon, this research focused on the Finnish market and Finnish consumers only.
The theoretical base on this topic provides information on the forces behind neobank revolution
such as FinTech, PSD2, and Open Banking, followed by theories about Neobanks themselves.
The knowledge base also explores the factors that influence consumers' purchasing decisions
in banking services. The empirical part of the study, which examined consumers' views on neobanks, was carried out using quantitative methods and the survey data was collected through a structured internet survey in November 2022.
The results of the study show that consumers are not particularly aware of neobanks or if they
are, their knowledge of the subject is very limited. Interest and trust in neobanks vary a lot
among respondents, but in general, it can be observed that Finnish consumers are potential
customers for neobanks and the author believes that digitalization and technological development will contribute to the acceptance and adoption of neobanks in Finland. To encourage consumers to switch to a neobank, they would need to be much better informed about the neobanking model and its benefits.