deVere poll: 55% of us regularly use fintech
A global poll recently undertaken by deVere has revealed over half of banking and financial customers across the globe use fintech products and services.
55 per cent of the 883 people surveyed, from the UK, Europe, Asia, Africa, Latin America and Australasia ‘regularly use financial technology to access and manage their money.’
Even looking back two or three years, that figure would have been substantially lower. The fact that 55 per cent of people polled regularly use fintech solutions shows the remarkable rate at which our everyday lives are becoming digitalised.
Every aspect of our lives is impacted by new technologies, and our financial lives are no exception.
Fintech firms are filling the gap left between traditional financial services companies’ offerings and customer expectations, particularly in regard to customer experience.
Clients now expect immediate, 24/7 access to, use and management of their money. This, of course, means personalised, on-demand services.
Currently, fintech is already a significant disruptive presence within financial services. This will only grow in the future as the so-called digital natives become increasingly dominant in the workforce and in social and political roles.
Referring back to the data collated by deVere, emerging markets in Asia, Latin America and Africa are fast becoming the largest growth areas for participation.
This may be due to the fact that fintech, typically, offers more cost-effective solutions in comparison to traditional financial services. In addition, these areas are home to the world’s 1.7 billion unbanked or underbanked population, and fintech resolves this issue.
Moreover, other trends highlighted in the poll include 67 per cent use fintech apps to send remittances and money transfers; 46 per cent use fintech vehicles to monitor investments and/or bank accounts; and 28 per cent use fintech for storing and managing cryptocurrencies.
Indeed, I believe fintech is positive for three standout reasons:
First, it is catering to clear and increasing client demand for on-the-go services.
Second, it is accelerating the advance of financial inclusion globally. Helping individuals and businesses successfully manage, save and invest their money will result in a better society for everyone.
Third, it allows companies the chance to cut costs, diversify, meet regulatory requirements and enhance the client experience, all helping to build relationships and trust over the longer-term.
What this poll underscores, is that fintech is the new normal.