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Fintech is the ‘new normal” – More than half of the customers are regular users

More than half of banking and financial services customers around the world use fintech products and services, according to a new global poll carried out by deVere Group. 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”.

Nigel Green, deVere Group founder and CEO notes: “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.”

Some key trends:

  • Around two thirds (67 per cent) of those polled used fintech apps to send remittances and money transfers.
  • 46 per cent used financial technology vehicles to track investments and/or accounts.
  • 28 per cent use them for storing and managing cryptocurrencies.

In South Africa, there has also been an increase in a shift to fintech solutions. A recent RMB study showed some fascinating insights. At the heart of the fintech ecosystem are the start-ups run by entrepreneurs who are out to disrupt traditional financial services. There are also collaborations between fintechs and banks on open banking platforms where banks contribute their expertise in security, authentication and compliance and the fintechs develop customer-focused solutions.

Click here to read our recent article FinTech – Insight into the South African players and facing challenges

Click here to read more about the survey carried out by deVere Group.

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