More than half of banking customers using fintech services
More than half of banking and financial services customers around the world are now regularly using fintech products and services, according to a global survey conducted by financial advisory firm deVere Group.
The survey of users in markets including Australia, Europe, Asia, Africa and Latin America found that 67% of respondents use fintech apps to send remittances and money transfers.
Meanwhile, 46% use fintech to track investments or accounts and 28% use it for storing and managing cryptocurrencies.
The research found that emerging markets in Asia, Latin America and Africa are becoming the biggest fintech growth areas, with fintech helping to bring financial services to these regions’ large unbanked and underbanked populations. An estimated 1.7 billion people worldwide have no or limited access to traditional financial institutions.
But deVere Group founder and CEO Nigel Green said fintech is having a transformative impact on the global financial services market in both emerging and developing markets.
“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,” he said.
“Fintech ... is meeting clear and growing client demand for on-the-go services, speeding up the advance of financial inclusion across the world ... [and giving financial services] firms the opportunity to diversify, cut costs, meet regulatory requirements and improve the client experience, which will help build long-term relationships and trust.”
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