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The rise of fintech

In the next issue of New Electronics we take a look at the growth in fintech and how it is changing the nature of banking, so it was interesting to see research that suggests that more than half of banking and financial services customers around the world now use fintech products and services.

According to a poll of consumers, 55 per cent of respondents to the survey carried out by deVere Group, an independent financial advisory organisations, confirmed that they ‘regularly use financial technology to access and manage their money.’

Commenting 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."

According to Green, 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.

“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.”

Green argues fintech forms a major part of the so-called 'fourth industrial revolution' and are radically changing the way in which people access and manage their money.

Trust has always been a key issue as to why consumers have stayed with traditional banks and institutions.

Few people want to risk their savings or partner with an organisation that wasn’t able to protect their identity and privacy, but even that is now changing as a growing number of consumers are now placing as much trust in the likes of Amazon, Facebook and Apple as they do in financial institutions.

The end of banking as we know it?

Author
Neil Tyler

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