This report provides comprehensive and current information and analysis of the consumer attitudes towards fintech market including consumer attitudes towards fintech market size, anticipated market forecast, relevant market segmentation, and industry trends for the consumer attitudes towards fintech market in the US.
Fintech, or financial technology, can be defined as the integration of technological advancements with financial services offerings, ranging from mobile banking and robo-advisors to cryptocurrency and blockchain. Fintech is the main enabler of more efficient banking experiences, more secure financial transactions, stronger engagement with finances through mobile apps, and even greater access to investing through low-cost robo-advisors. Fintech has also served to make the financial services industry a more inclusive and fairer environment, offering broader access to credit and providing meaningful financial products to disadvantaged members of society.
While fintech’s customer-centric ethos will have resonated with many during this current economic climate, the two main challenges that face this sector remain trust and brand awareness. These challenges are only amplified as tech giants like Apple and Amazon continue to enhance their suite of financial products and services. Openness to banking with those companies is also much higher than for other fintechs, given the vast brand equity tech companies already have – with nearly a third of consumers willing to open a financial account with Amazon. While openness to banking with non-banks is certainly there, legacy FIs still have the competitive advantage of being more trusted than nontraditional providers are. While competition in the industry will only grow fiercer, legacy FIs need not solely rely on higher trust levels to carry them through this competitive environment. Seeking partnerships with fintechs, continuing to invest in convenient digital solutions and putting more resources into their security infrastructure are just some of many ways legacy FIs can sustain customer-centricity and an innovation-driven mind-set moving ahead.
Read on to discover more about the consumer attitudes towards fintech consumer market, read our US Marketing Financial Products Market Report 2022, or take a look at our other Financial Services Market research reports.
Brands include: Amazon, Apple, Walmart, Capital One, Chime, TomoCredit, Chase, Wells Fargo, Bank of America, Mint, Amex, Klarna, MyChasePlan, Morgan Stanley, Mellon, Current, Rocket Money, Citibank, Arro, Petal, TechCrunch, Zip Card, Visa, Goldman Sachs, Celsius, Three Arrows Capital, FTX, Discover, Home Depot, Microsoft, Whole Foods, Expedia, PayPal.
This report, written by Amr Hamdi, a leading analyst in the Finance sector, delivers in-depth commentary and analysis on fintech market research to highlight current trends and add expert context to the numbers.
Fintech has continued to elevate the financial services industry, providing value for consumers in a wide array of areas such as ecommerce, payments and safer digital experiences, as well as greater inclusivity into the credit system. Fintech’s customer-centric approach will have especially resonated with many during the current economic climate, helping enhance trust levels and brand equity – two notable challenges for the sector. These challenges will only be harder navigate, as market leaders like PayPal, Apple and Amazon continue to grow their financial services footprint. As such, many fintechs could consider an exit strategy to be more viable than having to compete with tech’s biggest names for the foreseeable future.
Amr Hamdi
Finance Analyst
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