New research among a nationally representative sample of 1,500 adults has found that seven in 10 are open to trying new brands, with a third willing to consider a disruptor in finance.

The Network Research survey showed the segment most attracted to financial disruptors is 18-24 year olds, closely followed by 25-44 year olds. Given a quarter of this group earns over £55,000 a year and is more likely to be single and without children, they have more disposable income and are an ideal target for FinTech firms.

Those switching to disruptor brands said the top reason they switch is for value, followed by convenience, and then because offerings are new and different. In the finance sector however, people are choosing brands such as Revolut, Monzo, PensionBee and TransferWise, not only because they provide value for money, but also because they offer better digital solutions.

This is because around 65 per cent of people agreed that technology plays an essential role in their daily lives. A third said they would choose products and services they can manage on their mobile – a figure which increases to over half for those aged 18-44. Of these people, almost two-thirds said they like to try new things, and nearly three quarters said they are happy to manage their finances online – only dropping to 69 per cent for those aged over 65.

To identify those consumers most open to disruption, the study created a segmentation of disruptor users across both demographics and attitudes.

Network Research cited the example of Barclays, which by attitudinal segment, has over half of its current users in the two groups least likely to adopt disruptors. This compares to just 15 per cent of Monzo customers. However, a third of Barclays’s customers fell within the two segments which are most open to disruptors. So, Monzo has an opportunity to steal Barclays’s customers from these segments.

The good news for traditional financial service brands is that only four per cent of people are converted to disruptors because they are not happy with their traditional providers.

The research suggested that whilst financial services are less prone to disruption than some sectors, some product offerings - particularly insurance and currency - sit in sectors where brand and trust play a less important role, so are more open to disruption.

Virginia Monk, managing director at Network Research, said that technology is disrupting almost every sector, and in finance recent developments in Open Banking have potential to open this market further.

“What the study shows us is that the market for disruptive FinTech suppliers is much broader than any single demographic segment – attitudes and income play a huge role,” she explained. “Interestingly it also appears that consumers typically aren’t moving to disruptors because of any inherently bad service from traditional financial suppliers, but because of changing attitudes to technology, combined with a lack of legacy systems at FinTechs that allow them to focus on customer experience.”

Monk concluded that there is huge opportunity in the sector for new players, but it is a limited grace period, because although traditional financial brands will take some time to turn their tankers, they will get there in the end. “So, if you’re looking to shake things up, move quickly, focus on customer experience and remember that attitudes rather than demographics will give you a better understanding of the size and scope of your market.”

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