USER PREFERENCES FOR BANKING SERVICES OFFERED BY NON-BANKING COMPANIES AND TECH GIANTS
USER PREFERENCES FOR BANKING SERVICES OFFERED BY NON-BANKING COMPANIES AND TECH GIANTS

Summary/Abstract: Technological growth has huge impact on the manner of providing financial services. Namely, financial services are perpetually provided in innovative ways helped by the new technologies. Concurrently, technological growth and the facilitating regulations allow for non-traditional institutions to create their own financial services. Fintech industry notes a significant progress resulting from the aforementioned changes. The gist of providing financial services by non-banking companies lies in the ever-growing competition on the financial services market and the supply of more efficient and quality services for the users. This paper seeks to identify the preferences and the reasons behind using banking services offered by non-banking companies. Furthermore, the aim is to examine the products and services that would be used by the users and that are provided by companies other than banks. To meet the set goal it is necessary to conduct a questionnaire survey of users of banking services - natural persons. The survey was conducted by way of a survey questionnaire comprised of 12 questions. The survey included 111 respondents - natural persons, banking services users from the Republic of Macedonia. The results from the conducted survey clearly indicate that the banking services users will use services offered by non-banking companies and tech-giants in the area of payments and funds transfer. Users, will however, remain loyal to the banks when it comes to deposit and loan products. Trust, stability, and safety are the key motives behind the commitment of the users to the traditional banks. Relatively younger users who have an extensive knowledge of the new technologies will be the first to accept banking services offered by the non-banking companies and tech-giants.

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