Consumer Attitudes Toward FinTech - US - May 2016
FinTech start-ups are fundamentally altering how consumers interact with financial services by delivering these services faster and by factoring in an ever-growing volume and variety of data for assessing the value of potential customers. Traditional finance brands are also leveraging the innovations that have emerged from the FinTech scene. Mobile services currently lead the charge, but there are many more opportunities to explore.
This report examines the following areas:
- Consumer awareness for new financial tech is low
- Majority of consumers satisfied with current financial services
- Traditional touchpoints most preferred for engaging with financial services
- Consumers trust traditional finance, but security threats are growing
One of the main challenges for any FinTech service will be increasing consumer awareness, especially since much of the value in many of these services stems from processes and technology that operates behind the scenes. This will make transparency and consumer trust increasingly key issues as FinTech matures, as consumers will need to better understand the value of using alternative financial services when they tend to be satisfied with their current providers. Despite low awareness of specific FinTech services, the impact on the finance market is considerable, as many of the innovations are designed to fundamentally alter the way users interact with financial services.
Further showcasing the challenges in the FinTech market is that the majority of consumers say they are satisfied with their current financial services. Established financial institutions have also built up trust in their brands and offerings. Given the personal and sensitive nature of financial information, companies entering the market need to start with a foundation of building trust, an aspect that will also be important for business-to-business service providers.
FinTech includes any service or technology that has altered the way consumers interact with, receive, or manage their finances. This Report focuses on four broad categories of FinTech:
- User experience
- Alternate lending
- Alternate payment
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