- FCA reports PPI complaints up in first half but others drop
- Use of contactless cards grew 17.8% in July compared with a year earlier
- Bank of England and FCA joint survey to better understand the current use of Machine Learning(ML) in UK financial services-main findings
- PwC analysis indicates that UK financial services firms’ efforts to grow their robo-adviser ranks are leading the rest of the world
- Juniper Research new study estimates MFS(Mobile Financial Services) will grow 70% to over $1tr by 2024
- Teleperformance Group(TDIBS) highlights that Artificial Intelligence(AI) could significantly speed up processing of mortgage applications
- MDOTM and Raiffeisen Capital Management announces a new strategic partnership over Artificial Intelligence(AI) development expired
- Auriga announces launch of its new WWS AI(Artificial Intelligence) module expired
- iManage and Cognia Law partner to deliver meaningful and practical Artificial Intelligence(AI) solutions to organisations globally expired
- 40-year mortgages becoming standard expired
- Inflation-beating fixed returns diminish due to rate cuts says Moneyfacts expired
- Fixed bond rates in UK plummet as providers scrap deals expired
9th July 2019
Fintech is the ‘new normal’, says deVere CEO
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, affirmed that they ‘regularly use financial technology to access and manage their money.’
Of the findings, Nigel Green, deVere Group founder and CEO, says: “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 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 and Fintech allows this issue to be overcome.”
Other standout trends: 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; and 28 per cent use them for storing and managing cryptocurrencies.
“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. The poll underscores that Fintech is the new normal.”
*883 people from the UK, Europe, Asia, Africa, Latin America and Australasia took part in the poll