A Bain report By Gerard du Toit and Maureen Burns says that many consumers are open to buying financial products from established tech firms, making banks vulnerable. Banks that accelerate development of their digital channels and that mobilize around individual customer episodes, not products, stand the best chance of earning greater loyalty.

Banks have a strong reservoir of trust the report says. But consider that US and UK consumers ranked PayPal and Amazon nearly as high as banks for trust with their money, in Bain & Company’s new survey of 133,171 banking customers in 22 countries.