The Strive Insights Fintech Survey
12 July 2017
What was once another business buzzword is now a flourishing reality. The future of Fintech is burgeoning, particularly in Scotland, where many start ups have seized the opportunity to develop new technologies and build a solid client base. It’s an exciting time within the financial markets to watch as many new companies bring the industry up to date in order to retain loyal customers.
Consumer insight agency, Strive Insight, released a white paper titled “The Future of Fintech: A Consumer Perspective” to see what the reaction has been to this emerging new aspect of financial services. This report is one of the largest consumer surveys on the Fintech market.
Consumers who were surveyed said that they were apprehensive about security measures. For example, when big name banks get hacked, it makes consumers nervous about placing their trust in Fintech products. Creating consumer trust is absolutely essential – especially since only 19% of consumers believed that companies were using their data wisely in order to improve products and services. A remarkable 90% felt uncomfortable about the thought of third parties having access to sensitive information.
With new GDPR laws coming into effect, however, consumers will hopefully be put at ease. These data protections laws are designed to create some form of clarity around the storage of sensitive data, as well as offering increased protection against the threat of another cyberattack.
There is perhaps still a little fear and curiosity surrounding the Fintech market as we move away from the traditional image of banking and finance. However, the research found that a promising 69% of the consumers who were surveyed said that they would consider using a new financial product if there was a clear benefit to doing so. 83% of early adopters agree artificial intelligence will streamline the way they interact with their bank.
Naturally, the user-friendly nature and speed of payment and banking apps fits the bill. That being said, only 53% of those surveyed are actually using their bank’s mobile app regularly. Many are unwilling to accept the use of artificial intelligence in place of face-to-face advice and consultation. Being able to identify a ‘big brand’ behind the service is also key – 53% of consumers are more likely to trust a Fintech service operated by a well-known brand.
Technology will continue to disrupt the financial services and banking market for many years to come, as the industry strives to modernise itself to meet the needs of consumers. There is a slight disconnect, however, by the industry’s willingness to change and consumers who are ready to fully let go of traditional banking methods. The collaboration between banking giants and contemporary start-ups will certainly go a long way to acquiring trust.
This is an incredibly exciting time within the financial and banking industry. With new technological developments, come new opportunities for growth and development.
If you would like to discuss Fintech recruitment or available roles with me, I would happy to chat with you confidentially. Click here to see my contact details.
Written By Shona Preston