Fintech is the ‘new normal’ with 55 per cent of consumers regular users
A survey by the financial advice organisation found 55 per cent of people from the UK, Europe, Asia, Africa, Latin America and Australasia regularly use financial technology to access and manage their money.
According to the research, emerging markets in Asia, Latin America and Africa are becoming the biggest growth areas for fintech participation.
About two-thirds (67 per cent) of those polled used fintech apps to send remittances and money transfers. Nearly half (46 per cent) used financial technology vehicles to track investments and/or accounts, while 28 per cent used them for storing and managing cryptocurrencies.
This could be due to fintech typically offering cheaper solutions compared to traditional financial services. Also these areas are home to many of the world’s 1.7 billion unbanked or underbanked population with limited access to financial institutions – and fintech allows this issue to be overcome.
Nigel Green, deVere Group founder and CEO, said: “Even two or three years ago, that figure would have been significantly lower. 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. We’re in a new age.
“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.”