[August 23, 2016]

The FinTech Threat is Real: 28 Million Households are Ready to Move to a More Innovative Bank

NTT DATA, Inc., a leading business and IT services provider, today released new market research for the financial services industry highlighting how financial institutions and consumers are being affected by the emergence of FinTech. The complete report, "Don't Fear Modernizing Your Core," found customer loyalty is declining as banks struggle to modernize their legacy core deposit systems - the foundational technologies behind the products and processes that serve their commercial and retail customers.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160823005220/en/

According to NTT (News - Alert) DATA's new banking research report, "Don't Fear Modernizing Your Core," customer loyalty is seeing an all-time low for financial institutions as nearly 28 million households are ready to move to a more innovative bank. Download the study: http://americas.nttdata.com/Services/Services/Consulting/research.aspx (Photo: Business Wire)

Key research findings include:

• 64 percent of banks see FinTech as a threat
• Half of US consumers, 46 percent, already have an account with a FinTech provider
• 22 percent of consumers described innovative offering from FinTechs as, "this is how banking should be"
• 1 in 3 consumers would switch primary banks for better online and mobile technology
• 70 percent of bankers do not feel their process can quickly adapt to change, yet only 15 percent of banks expect to begin a modernization effort in the next three years

In January 2016, NTT DATA Consulting surveyed more than 1,000 U.S. consumers and more than 100 U.S. bankers to investigate core deposit system modernization efforts at leading U.S. banks and the rising threat of consumers looking for banking alternatives.

View the Infographic: http://www.slideshare.net/NTTDConsulting/the-fintech-threat-is-real?qid=a0955465-1700-47a6-8451-47560b832916&v=&b=&from_search=1

Download a full copy of "Don't Fear Modernizing Your Core" research: http://americas.nttdata.com/Services/Services/Consulting/research.aspx

About NTT DATA Consulting

NTT DATA Consulting takes an industry-centric approach to business and technology consulting. We seamlessly integrate business strategies and enabling technology to help clients accelerate business-driven transformation and compete in the digital world. NTT DATA Consulting has the unique ability to create end-to-end solutions by tapping the entirety of NTT DATA's global technology and business process capabilities. In financial services, our 1,000-plus business consultants and 4,000 technology experts work with 25 of the leading financial institutions in North America. Visit www.nttdata.com/USconsulting to learn more.

About NTT DATA

NTT DATA is a leading business and IT services provider and global innovation partner with 80,000 professionals based in over 40 countries. NTT DATA emphasizes long-term commitment and combines global reach and local intimacy to provide premier professional services, including consulting, application services, business process and IT outsourcing, and cloud-based solutions. We're part of NTT Group, one of the world's largest technology services companies, generating more than $100 billion in annual revenues, and partner to 80% of the Fortune Global 100. Visit www.nttdata.com/americas to learn how our consultants, projects, managed services, and outsourcing engagements deliver value for a range of businesses and government agencies.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160823005220/en/

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