Both traditional and non-traditional providers of financial services struggle to meet customers' expectations, according to a new survey.Capgemini surveyed 8000 customers in 15 countries for its latest World Fintech Report and found low levels of customer experience overall. "Customers indicated significantly low levels of overall positive experience. Both traditional and non-traditional firms struggle to meet customer expectations," Capgemini said.Customers gave low ratings to the efficiency of digital transactions, the speed and ease of account openings, transparency of fee structures, availability of a consolidated view of all assets and proactive updates.Capgemini put this down to a combination of rapidly changing customer expectations, regulatory constraints and difficulties arising from legacy systems.In the banking sector traditional providers performed better than fintechs at delivering "positive experiences", such as digitally updating limits and digital transfers.In wealth, customers said being able to view all their assets in a single consolidated report was the most valuable service. They said traditional providers did a better job than fintechs.In insurance, customers rated proactive updates on claims status as the most important interaction with their provider. Fintechs performed better on this measure.Traditional providers often say their competitive advantage is trust. The survey confirms this but shows that the trust advantage enjoyed by the incumbents is not that great.One-third (36.6 per cent) of customers said they trusted their traditional providers, while 23.6 per cent said they trusted fintechs.Traditional financial services companies are also seen to have an edge in fraud protection, quality of service and transparency.On the other hand, customers said that fintechs offered better value for money and more timely and efficient service.A fall in brand loyalty is a key feature of the take-up of fintech services by consumers, according to the reportThe survey found that 44.8 per cent of consumers had used a non-traditional investment management service, 41.6 per cent had used a fintech for payments and transfers, 31.4 per cent for insurance and 29.4 per cent for banking.Close to half (46.2 per cent) of those using fintechs had relationships with three or more non-traditional providers."This trend of using multiple firms to fill specific needs may lead to disaggregation or unbundling of financial services resulting in reduced brand loyalty and dilute the concept of having a primary provider," Capgemini said.China is the country where more people are turning to fintechs, with 84.4 per cent saying they use at least one non-traditional provider for financial services.Use of fintechs is also popular in India, where 76.9 per cent use them, United Arab Emirates (69.6 per cent), Hong Kong (53.5 per cent), Spain (53.3 per cent) and Singapore (53 per cent).Australia ranks tenth in the survey, with 42.8 per cent of people saying they use at least one non-traditional provider for financial services.