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Attitudes toward Digital Trends and Fintech - US - October 2019

"Consumers may seem to have wholly embraced a digital future, but they are not yet ready to cede full control of their financial lives to technology. While more people than ever are using biometric login credentials and mobile wallets, far more believe in-person interactions will always be critical. Perhaps ironically, then, the most successful Fintech brands may be those who not only offer superior technological innovation, but who marry it with the analog touchpoints that make people feel human."
- Chris Shadle, Financial Services Analyst

This report looks at the following areas:

  • Tech isn’t an issue: people love their phones
  • Most even like the Fintech they’ve tried (but they haven’t tried much)
  • But people are not sold on Big Tech in finance
  • And security needs to be front and center

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Market Philosophy
          • Key findings
            • Tech isn’t an issue: people love their phones
              • Figure 1: Proportion of US that owns smartphone and time spent on device, by generation, May 2019
            • Most even like the Fintech they’ve tried (but they haven’t tried much)
              • Figure 2: Use of and opinion toward various Fintech offerings, August 2019
            • But people are not sold on Big Tech in finance
              • Figure 3: Interest in financial account with tech company, August 2019
            • And security needs to be front and center
              • Figure 4: Attitudes toward security in finance, by generation, August 2019
            • What it means and what’s next
            • The Market – What You Need to Know

              • What is Fintech?
                • Roughly 1 in 8 smartphone owners are logging 30+ hours of screen time per week
                  • We’re bearish on Bitcoin, bullish on blockchain
                  • Market Size and Scope

                    • What is Fintech?
                      • Figure 5: Merriam-Webster dictionary entry for Fintech, added September 2018
                    • How big is the Fintech market?
                      • Smartphones: a suitable Fintech indicator
                        • Figure 6: Proportion of US that owns smartphone and time spent on device, by generation, May 2019
                        • Figure 7: Mobile wallet adoption, by Age, July 2019
                    • Market Perspective: Blockchain & Cryptocurrency

                      • Blockchain is big business
                        • Figure 8: Companies with stated blockchain projects or initiatives, October 2019
                      • Facebook’s Libra: global digital token, or boardroom bust?
                        • Figure 9: Libra association founding members, 2019
                      • Cryptocurrency markets are mainstream
                        • NYSE owner Intercontinental Exchange launches Bitcoin futures
                          • Binance introduces US digital assets marketplace
                            • JPMorgan’s Interbank Information Network has 345 banks on board the Ethereum blockchain
                              • International use cases
                                • Venezuela's foray into crypto 
                                  • Crypto is opening up Cuba
                                    • The Philippines offers Bitcoin at 7-Eleven
                                      • When we finally colonize space, blockchain will be waiting for us
                                      • Key Players – What You Need to Know

                                        • The Fintech playing field has some surprising contestants
                                          • Fintech’s ugly cousin: 1950s tech still runs too much of the finance sector
                                            • Say “Fintech” while you can; no one will be saying it in 10 years
                                            • Who’s in the Game?

                                              • The Fintech space includes more companies than you might think
                                                • Is Domino’s a Fintech?
                                                  • Figure 10: Domino’s France Bitcoin giveaway tweet, September 6, 2019
                                                • Is Uber a Fintech?
                                                  • Figure 11: Uber Cash email alert, September 2019
                                                  • Figure 12: Uber Visa, acquisition email, July 17, 2019
                                                • Is NBA player Spencer Dinwiddie a Fintech?
                                                  • Figure 13: Spencer Dinwiddie tweet, September 6, 2019
                                                • How many Fintechs are out there?
                                                  • Figure 14: SoFI Invest Stock Bits, October 2019
                                                  • Figure 15: Investing Apps, October 2019
                                              • What’s Struggling?

                                                • COBOL system is a dangerous anachronism
                                                  • Big Tech in finance: okay in theory, but not in practice
                                                    • Figure 16: Interest in financial account with tech company, by generation, August 2019
                                                  • Security and data privacy issues demand attention
                                                    • Figure 17: Attitudes toward security in finance, by generation, August 2019
                                                • What to Watch?

                                                  • Payments with a wave of the hand
                                                    • Figure 18: Token Ring homepage, October 2019
                                                  • Delphia is trying to help consumers monetize their data
                                                    • Figure 19: Delphia homepage, October 2019
                                                  • How much should a credit score take into account?
                                                    • Figure 20: Views on Fintech and obtaining credit, by generation, August 2019
                                                  • Hot Take: Fintech is a marketing flash in the pan
                                                  • The Consumer – What You Need to Know

                                                    • Company website via desktop computer is the most common way people interact with their financial providers
                                                      • People like the Fintech they’ve used, but most aren’t using much
                                                        • Most consumers aren’t eager to see Big Tech in Fintech, but young men are much more receptive
                                                          • Security needs to be in focus
                                                            • Consumer attitudes and forecasts are all over the map
                                                            • Interacting with Financial Companies

                                                              • Sitting down at a computer is the most common way consumers engage with financial brands
                                                                • Figure 21: Interaction with financial services companies, by channel, ranked, August 2019
                                                              • Desktop vs mobile app = old vs young
                                                                • Figure 22: Interaction with financial services companies, desktop versus mobile app, by age, August 2019
                                                              • Young consumers hate phone calls, but Gen Z sees value of in-person interactions
                                                                • Figure 23: Interaction with financial services companies, In-person versus phone, by generation, August 2019
                                                              • Different strokes for different folks: race and ethnicity affect channel preferences
                                                                • Figure 24: Interaction with financial services companies, by channel, by race & ethnicity, August 2019
                                                            • The Fintech in Consumers’ Lives

                                                              • Across the board, those who have tried Fintech offerings like them (but most haven’t tried them)
                                                                  • Figure 25: Use of and opinion toward various Fintech offerings, August 2019
                                                                • Personal financial management (PFM) tools: women may be more receptive
                                                                  • Figure 26: Use of and opinion toward personal financial management tools, by gender, August 2019
                                                                  • Figure 27: Budgeting habits, by generation, April 2019
                                                                  • Figure 28: Capital One Eno, customer service email, September 2019
                                                                • Virtual assistants: ¿Una oportunidad para los consumidores hispanos?
                                                                  • Figure 29: Use of and opinion toward personal financial management tools, by Hispanic origin, August 2019
                                                                  • Figure 30: Preference for avoiding branches, and changes in habits, by household income, August 2019
                                                              • Do Consumers Want Big Tech in Fintech?

                                                                • Bank of Amazon? Most consumers say no thanks
                                                                    • Figure 31: Interest in financial account with tech company, by generation, August 2019
                                                                  • Men under 55 are Big Tech’s target audience
                                                                      • Figure 32: Interest in financial account with tech company, by gender and age, August 2019
                                                                      • Figure 33: Interest in Apple Card and Facebook Libra, by gender, August 2019
                                                                    • Some think Big Tech can be just as successful in finance; others think they shouldn’t be allowed in the arena
                                                                      • Figure 34: Interest in financial account with tech company, by gender and age, August 2019
                                                                    • Parents value convenience and ease
                                                                      • Figure 35: Willingness to open financial account with tech company – CHAID – Tree output, August 2019
                                                                      • Figure 36: Willingness to open financial account with tech company – CHAID – Table output, August 2019
                                                                  • Fintech and Security

                                                                    • Trust is a big issue, and consumers want to know what’s happening with their data
                                                                      • Figure 37: Attitudes toward security in finance, August 2019
                                                                    • Opinions about tech’s influence on security vary with age
                                                                      • Figure 38: Attitudes toward security in finance, by generation, August 2019
                                                                    • People have heard enough horror stories to be cautious
                                                                      • Figure 39: Familiarity with personal information mishaps, by generation, May 2019
                                                                    • Mobile users are more likely to share their data
                                                                      • Figure 40: Attitudes toward security in finance, by interaction preference and gender, August 2019
                                                                  • Attitudes toward Fintech and Finance

                                                                    • Wealthier consumers may see more upside in Fintech
                                                                      • Figure 41: Preference for avoiding branches, and changes in habits, by household income, August 2019
                                                                    • Old school values die hard
                                                                      • Figure 42: Opinions on in-person and digital financial transactions, by generation, August 2019
                                                                    • Young people think Fintech should be used for good
                                                                      • Figure 43: Attitudes toward Fintech, credit, and society, by generation, August 2019
                                                                    • Consumers predict cash and cards on the way out, crypto on the rise
                                                                      • Figure 44: Consumer predictions about credit cards, cash, and cryptocurrency, by generation, August 2019
                                                                  • Appendix – Data Sources and Abbreviations

                                                                    • Data sources
                                                                      • Consumer survey data
                                                                        • CHAID Methodology
                                                                          • Behavioral data
                                                                            • Direct marketing creative
                                                                              • Abbreviations and terms
                                                                                • Abbreviations

                                                                                Attitudes toward Digital Trends and Fintech - US - October 2019

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