Most bank and financial services customers are happy to manage their money from their smartphone or computer, new research has found.
Leading financial services firm for expats, deVere Group asked almost 900 clients from around the world about the preferences for dealing with their finances, and 55% confirmed they used fintech – financial technology apps online.
deVere poll: 55% of us regularly use fintech https://t.co/u01XJtuOMw
— Nigel Green (@nigeljgreen) July 3, 2019
deVere Group CEO Nigel Green said: “Even two or three years ago, that figure would have been significantly lower. The fact that today 55% of people use fintech solutions regularly highlights the staggering rate of the digitalisation of our everyday lives.
“And it is speeding up. From self-driving cars, genetic bio-editing to artificial intelligence, new technologies are beginning to impact every part of our lives. Our financial lives are no exception. We’re in a new age.”
Expectation gap
Fintech bridges an expectation gap for most people, who want instant, round-the-clock access to their money, wherever they are in the world.
“It means personalised, on-demand services. It means lower costs,” said Green. “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 poll data, emerging markets in Asia, Latin America and Africa are the biggest growth areas for fintech participation.
“This could be due to fintech typically offering more inexpensive solutions compared to traditional financial services. Also because these areas are home to many of the world’s 1.7 billion unbanked or underbanked population – those who don’t have access to or have limited access to financial institutions – and fintech allows this issue to be overcome,” said Green.
Fintech trends
The survey also revealed other fintech trends:
- Two thirds used fintech apps to send remittances and money transfers
- 46% use fintech to track investments and/or accounts
- 28% use electronic wallets storing and managing cryptocurrencies
“Fintech – a major part of the so-called fourth industrial revolution – is a positive force for three key reasons,” said Green.
“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. Helping individuals and companies successfully manage, save and invest their money will only result in a better society for us all.
“And third, it gives firms the opportunity to diversify, cut costs, meet regulatory requirements and improve the client experience, which will help build long-term relationships and trust.”
