More than half of banking and financial services customers regularly use technology to access and manage their money, according to a survey by deVere Group.
Some 55% of respondents from across the UK, Europe, Asia, Africa, Latin America and Australasia said they take advantage of the Fintech products and services on offer.
Around two thirds (67%) of those polled used Fintech apps to send remittances and money transfers, while 46% use those to track investments and / or accounts. Over a quarter (28%) use technology to store and manage cryptocurrencies.
Nigel Green, founder and CEO, deVere Group, said: “Even two or three years ago, that figure would have been significantly lower. The fact that today 55% of people polled globally use Fintech solutions on a regular basis highlights the staggering rate of the digitalisation of our everyday lives. And it is speeding up.”
Green said Fintech firms have stepped in to fill the void between what traditional financial services companies are offering and what customers have now come to demand, especially in terms of customer experience where 24/7, immediate and on-the-go access to money is expected.
Green said: “Fintech is already a major disruptive presence in the financial services marketplace. This trend is only set to grow as ‘digital natives’ – the first generation that grew up with the internet and smart devices – become ever more dominant in the workforce and in social and political roles.”
According to the survey by deVere, emerging markets in Asia, Latin America and Africa are becoming the biggest growth areas, with Fintech allowing many of the world’s 1.7 billion unbanked or underbanked population to overcome the issue of limited access to financial institutions.
Green added: “Fintech is a positive force for three key reasons. First, it is meeting clear and growing client demand for on-the-go services. Second, it is speeding up the advance of financial inclusion across the world. And third, it gives firms the opportunity to diversify, cut costs, meeting regulatory requirements and improve the client experience which will help build long-term relationships and trust.”
