{"id":150816,"date":"2019-07-03T11:30:07","date_gmt":"2019-07-03T15:30:07","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=150816"},"modified":"2019-07-03T05:40:35","modified_gmt":"2019-07-03T09:40:35","slug":"fintech-is-the-new-normal-55-of-us-are-regular-users","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/fintech-is-the-new-normal-55-of-us-are-regular-users\/","title":{"rendered":"Fintech is the \u2018new normal\u2019: 55% of us are regular users"},"content":{"rendered":"
July 3, 2019<\/div>
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By George Prior<\/strong><\/em><\/p>\n

More than half of banking and financial services customers around the world use fintech products and services, according to a new global poll.<\/p>\n

Some 55 per cent of respondents of the survey carried out by deVere Group, one of the world\u2019s largest independent financial advisory organizations, affirmed that they \u2018regularly use financial technology to access and manage their money.\u2019<\/p>\n

883 people from the UK, Europe, Asia, Africa, Latin America and Australasia took part in the poll.<\/p>\n

Of the findings, Nigel Green, deVere Group founder and CEO notes: \u201cEven two or three years ago, that figure would have been significantly lower.\u00a0 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.<\/p>\n

\u201cAnd 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.\u00a0 We\u2019re in a new age.\u201d<\/p>

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He continues: \u201cFintech 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.<\/p>\n

\u201cIn 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.<\/p>\n

\u201cFintech is already a major disruptive presence in the financial services marketplace. This trend is only set to grow as \u2018digital natives\u2019 – the first generation that grew up with the internet and smart devices \u2013 become ever more dominant in the workforce and in social and political roles.\u201d<\/p>\n

According to the data collected by deVere, emerging markets in Asia, Latin America and Africa are becoming the biggest growth areas for participation.<\/p>\n

\u201cThis could be due to fintech typically offering more inexpensive solutions compared to traditional financial services.\u00a0 Also because these areas are home to many of the world\u2019s 1.7 billion unbanked or underbanked population \u2013 those who don\u2019t have access to or have limited access to financial institutions \u2013 and fintech allows this issue to be overcome,\u201d affirms Mr Green.<\/p>\n

Other standout trends: Around two thirds (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. 28 per cent use them for storing and managing cryptocurrencies.<\/p>\n

The deVere CEO goes on to add: \u201cFintech \u2013 a major part of the so-called ‘fourth industrial revolution’ \u2013 is a positive force for three key reasons.<\/p>\n

\u201cFirst, it is meeting clear and growing client demand for on-the-go services.<\/p>\n

\u201cSecond, 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.<\/p>\n

\u201cAnd 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.\u201d<\/p>\n

About:<\/em><\/strong><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior 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, one of the world\u2019s largest independent financial advisory organizations, affirmed that they \u2018regularly use financial […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-150816","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=150816"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150816\/revisions"}],"predecessor-version":[{"id":150817,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150816\/revisions\/150817"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=150816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=150816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=150816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}