What you need to know
Fintech refers to innovative technologies being introduced by incumbent financial institutions, service providers and new entrants to enhance the efficiency of the financial services market. Fintech has enabled customers to bank and pay more easily, increase banking transactional security, facilitate low-cost investing and also get a better handle on their finances through apps. But the impact of Fintech is broader and extends to making the financial industry a fairer and more efficient marketplace by offering better choice, more personalized products, faster and more equitable access to credit while at the same time driving down costs.
In addition to an increased use of mobile banking apps, online brokerage platforms and chatbots, consumers are also embracing a new era of financial products and services such as cryptocurrencies, robo-advisors and a slew of financial apps. The rise of innovative Fintech offerings that ease very specific yet very real financial challenges for consumers has prompted many traditional legacy financial players to incorporate these new products into their own suite of services.
The pandemic has seen digital adoption picked up among consumers of all ages, most notably older consumers (and seniors in particular) for whom the industry had been struggling to convert. The challenge for the industry in 2021 and beyond will be sustaining the increased digital engagement and finding innovative ways to communicate security and fraud protection for those still on the fence.
Key issues covered in this Report
The impact of COVID-19 on consumers and financial technology.
This Report explores consumer usage of specific financial technologies, and gauges consumer interest and attitudes in forward-thinking innovations. What are the emerging technologies within Fintech – and what do consumers think about them? What devices and technological innovations are consumers most keen to see in the banking industry? How should the industry respond to this? It also examines the impact of Open Banking and how Fintech challengers can expect to fare.
This Report was written between February 1, 2021 and February 25, 2021. Consumer research was fielded November 19-December 3, 2020.
