(Feb 13): If you could do your banking on Facebook and purchase investment products on Amazon and insurance through Google, would you? According to Accenture’s latest research, you might be tempted to if the offer is right, which poses a challenge to financial services firms who now must consider competition from all corners.

According to global Distribution & Marketing Consumer research by Accenture, which includes a survey of more than 32,000 consumers in 18 countries and regions, including Singapore, nearly one-third of all consumers are willing to switch to non-traditional providers for financial services.

In Singapore, 32% would switch to Google, Amazon or Facebook for banking services, 32% for insurance services and 37% for financial advisory services. For consumers aged 18 to 21 years old, the number willing to switch banking services to one of these companies only rises to 41%, indicating that even the majority of millennials see value in traditional financial institutions.

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