Investorideas.com

Get investor ideas from our AI, cannabis, cleantech, crypto, gaming, mining, sports podcasts - be a guest or sponsor: call 800 665 0411


Share on StockTwits

Fintech is the 'new normal': 55% of us are regular users

 

July 3, 2019 (Investorideas.com Newswire) More than half of banking and financial services customers around the world use fintech products and services, according to a new global poll.

Some 55 per cent of respondents of the survey carried out by deVere Group, one of the world's largest independent financial advisory organizations, affirmed that they 'regularly use financial technology to access and manage their money.'

883 people from the UK, Europe, Asia, Africa, Latin America and Australasia took part in the poll.

Of the findings, Nigel Green, deVere Group founder and CEO notes: "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."

He continues: "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.

"In broad terms, this means immediate, on-the-go, 24/7 access to, use and management of their money. It means personalised, on-demand services. It means lower costs.

"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."

According to the data collected by deVere, emerging markets in Asia, Latin America and Africa are becoming the biggest growth areas for participation.

"This could be due to fintech typically offering more inexpensive solutions compared to traditional financial services. Also because these areas are home to many of the world's 1.7 billion unbanked or underbanked population - those who don't have access to or have limited access to financial institutions - and fintech allows this issue to be overcome," affirms Mr Green.

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

The deVere CEO goes on to add: "Fintech - a major part of the so-called 'fourth industrial revolution' - is a positive force for three key reasons.

"First, it is meeting clear and growing client demand for on-the-go services.

"Second, it is speeding up the advance of financial inclusion across the world. Helping individuals and companies successfully manage, save and invest their money will only result in a better society for us all.

"And third, it gives firms the opportunity to diversify, cut costs, meet regulatory requirements and improve the client experience, which will help build long-term relationships and trust."

Mr Green concludes: "The poll underscores that fintech is the new normal."

e: george@priorconsultancy.co.uk
t: +44 207 1220 925
Twitter: @PriorConsults

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


Follow Us on StockTwits






Tech Stocks - Tech Stocks Directory, Tech Stocks News, Research and Resources

Get more Technology stock investor ideas - news, articles, podcasts and stock directories