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.


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.”

Most popular

  1. Cyber incidents top ranking of business risks in 2020

    An increasing reliance on data and IT systems has seen cyber incidents shoot to the top of the most pressing risks facing businesses worldwide, research by Allianz has uncovered.


    Friday 17

    17 January 2020

  2. Risk managers overwhelmed by new technologies

    The majority of risk managers worldwide cannot adequately assess the threats posed by new technologies, research by Accenture has found.

    10 December 2019

  3. Blockchain to save financial services firms $7bn by 2024

    Financial institutions will save $7bn (£5.43bn) by 2024 thanks to blockchain technology and the automation of customer checks, a market research firm has predicted.

    05 November 2019

White paper

  • Quarterly InsurTech Briefing Q1 2017

    Why InsurTech? A Pressured Insurance Value Chain

    By Andrew Sagon, Andrew Johnston and Matthew Wong

    InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.



  • Insurance big data – float like a butterfly, sting like a bee

    Nimbleness and agility will unlock potential

    By Elinor Friedman, Andrew Harley and Klayton Southwood

    Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.

    Download PDF

  • The new era of insurance analytics

    Driven by technology, toolkits and talent

    By Claudine Modlin and Graham Wright

    Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.

    Download PDF

  • How can we manage the dynamic nature of cyber-risk?

    Risk transfer is part of a comprehensive solution

    By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood

    Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.

    Whitepaper Form