Consumer Preferences for FinTech Neobanks—A Comparative Study of Germany, Lithuania, and Taiwan

Over the last decade, FinTech companies, also referred to as neobanks, have started to crowd out traditional banks in an increasing number of financial services. This development has not been uniform across countries. Asian countries and the Baltics are at the forefront of adopting FinTech solutions, while countries such as Germany still lag behind. Building upon this heterogeneity, the study aims to elaborate on differences in consumers’ preference structures regarding different aspects characterizing neobanks. A cross-country discrete choice experiment has been utilized to study the impact of five unique attributes on consumer perceptions and their preference structures. The design of the experiment is motivated by the structure of the UTAUT2 framework and evaluated via interviews with FinTech experts. The results illustrate the differences not only on a country level but also on a supranational (European vs. Asian) level. Across all countries, a general openness towards neobanks can be observed. Further findings indicate that even though differences do exist, they are mostly marginal. At the same time, preferences for attributes like ease of use and safety standards are present across all three observed countries. The results furthermore allow for a differentiation between hygiene factors and motivators.