A new survey carried out by deVere Group, one of the world’s largest independent financial advisory organisations, found that 55 per cent of respondents regularly use fintech to access and manage their money.
The data found that the emerging markets in Asia, Latin America and Africa are the biggest growth areas for fintech participation.
The biggest fintech usage was in remittance and money transfer, with 67 per cent of respondents using fintech for that purpose, 46 per cent used fintech to track investments and just 28 per cent for storing and managing cryptocurrency.
Nigel Green, deVere Group founder and chief executive, said those figures even just two years ago 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,” he said.
Mr Green said fintech firms were filling the void left by traditional financial services companies and were offering personalised on-demand services.
“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.”
The fintech revolution offered three key positives in the industry, the first being it was meeting demands, Mr Green said.
“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.”
Eliot Hastie is a journalist on the wealth titles at Momentum Media.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).