08 JUNE 2020: Latest research from global, data-driven insights provider RFi Group shows COVID-19 causing the use of FinTechs for secondary payments to rise, thus threatening the main bank primacy.

Key Points

  • 24% of consumers globally hold multiple current accounts 
  • If primary account is a Bank it is the receiver of Salary Deposit and used for Everyday Spending before using a secondary account for Savings
  • However if the secondary account is a FinTech although the primary account is still the receiver of Salary Deposit, the secondary account (FinTech) is used for Everyday Spending and Savings threatening the main bank primacy 

In June 2020, RFi Group released its latest global data showing that COVID-19 is causing a rise in the use of FinTechs for secondary payments, as a direct result of the pandemic.

Global financial insights from RFi’s ‘New Normal’ study, are based on interviews with 36,000 consumers, 18,000 businesses and 4,000 merchants in April/ May 2020 and across 18 key markets. The research tackles issues such as the impact of C-19 on customers’ financial behaviours and what customers are looking for from their banks and payment providers. ​

RFi is available for immediate comment.

For Media Interviews please contact:

Chloe James
Group Director of Media & Communications
RFi Group
cjames@rfigroup.com
+1 437 221 4905

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RFi Group is a global data-driven insights provider exclusively focused on financial services. We specialise in data and information gathering, customer-based insight generation and business decision support for the world’s leading financial service providers, as well as challengers, disruptive market participants and companies aligned to the FS sector.

We combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service.

​Covering 48 key global markets, with regional offices in Toronto, London, Singapore and Sydney RFi Group consistently provides clients with tailored advice and insights relevant to their specific market and business needs.