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  "notes": "The slide uses a grouped bar chart to compare 2017 and 2019 survey data regarding primary reasons for choosing FinTech challengers.",
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      "text": "Attractive rates and fees has overtaken the ease of setting up an account as the primary reason adopters cite for choosing a FinTech challenger.",
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      "text": "FIGURE 6 | Select reasons for using FinTech challengers, from 2017 to 2019",
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      "text": "Percentage of adopters: 30%",
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      "text": "One telling sign of the FinTech industry's maturation is the evolution in consumer priorities when they look for a provider. In 2017, 30% of adopters ranked the ease of opening an account as their top priority when selecting a FinTech provider, while only 13% said attractive fees or prices were most important. In the 2019 survey, the priorities flipped, with 27% ranking price first and 20% picking ease of opening an account. Chinese consumers ranked ease of onboarding as the least important consideration—a reflection of the widespread adoption in that market of open APIs and platform-based services, which has made opening any kind of financial services account virtually frictionless.",
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      "text": "China is an early forerunner of a global trend sparked by increased competition, improved onboarding experiences, and the portability of data enabled by technology and, in some markets, changes in regulation. Consumers now expect a frictionless onboarding experience; it has become an industry hygiene factor, meaning customers can shift their attention to other priorities.\n\nInterestingly, fewer adopters chose better experiences, and access to different and more innovative products and services, as their top reason for using a FinTech challenger, perhaps indicating the increasing comparability and competitiveness of FinTech services provided by incumbents. Given the wide array of FinTech services available today, all providers have evolved from simply trying to lure curious or frustrated consumers with an easy set-up process to developing new strategies to retain existing customers and induce them to make educated choices.",
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      "text": "Notes: The figures show the percentage of adopters that chose each answer as the primary reason for using a FinTech challenger in 2019 and in 2017. Data for 2017 differs from that originally published in order to align to the 2019 categorization and averaging methodology.",
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      "text": "Finding 5: Attractive rates and fees has overtaken the ease of setting up an account as the primary reason adopters cite for choosing a FinTech challenger.",
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