FinTech is the ‘new normal’

More than half of banking and finance customers use FinTech products and services, according to a worldwide poll by the deVere Group.

WEDNESDAY 03

FinTech is the ‘new normal’

Of the 883 customers surveyed across Europe, Asia, Africa, Latin America and Australasia, 55% said that they “regularly use financial technology to access and manage their money”.

Around two-thirds of these use FinTech apps to send remittances and money transfers, while slightly less than half use the technology to track investments or accounts.

And Latin America, Africa and Asia are becoming the biggest growth areas for participation, with these countries home to many of the world’s 1.7 billion unbanked population.

“The fact that 55% of people polled use FinTech on a regular basis highlights the staggering rate of the digitalisation of our everyday lives,” deVere Group CEO, Nigel Green, said.

“And it is speeding up. From self-driving cars to AI, new technologies are beginning to impact every part of our lives. Our financial lives are no exception. We’re in a new age.”

The survey also found that, of those that use financial technology products and services, around 28% use them for storing and managing cryptocurrencies.

Green said that FinTech has become a positive force for three key reasons, the first being that it can provide customers with 24/7, personalised, on-the-go-services.

It is also helping individuals and companies successfully save, manage and invest their money, with faster financial inclusion likely to bring significant benefits for society.

Thirdly, Green said FinTech allows firms to diversify, cut costs, meet regulatory requirements and boost client experiences, helping to build long-term relationships and trust.

This comes after separate research found that investment in financial technology start-ups more than doubled from $15bn (£12bn) in 2017 to reach an all-time high of $31bn last year.

“FinTech firms are filling the void left between what traditional financial services companies are offering and what customers are now expecting, especially in terms of customer experience,” Green continued.

“The poll underscores that FinTech is the new normal.”

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