FinTech is ‘new normal’ as majority are regular users

More than half of banking and financial services customers around the world use FinTech products and services, according to a poll.

A global survey of 883 consumers from the UK, Europe, Asia, Africa, Latin America and Australasia, by financial advisory company deVere Group found that 55 per cent were using FinTech services online or via mobile on a regular basis to access and manage their money.

According to the data, emerging markets in Asia, Latin America and Africa are becoming the biggest growth areas for participation in the FinTech trend.

In addition, around two thirds (67 per cent) of those polled used apps to send remittances and money transfers.

Nearly half (46 per cent) said they use financial technology vehicles to track investments or accounts and 28 per cent use them for storing and managing cryptocurrencies.

Nigel Green, deVere group founder and chief executive, said: “The fact that today 55 per cent 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 - from self-driving cars, genetic bio-editing to AI, new technologies are beginning to impact every part of our lives - our financial lives are no exception.”

He added that FinTech firms were “filling the void” left between what traditional financial services companies are offering and what customers are now expecting.

“Fintech is already a major disruptive presence in the financial services marketplace,” said Green, adding: “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.

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

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