RFi Group Global Fintech Evolution Report 2020
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RFi Group's Global Fintech Evolution Report 2020 investigates the fintech evolution to date. It includes awareness, usage, trends and behaviour in fintech globally, as well as key fintech 'success' markets and impact on traditional providers.
The report provides financial institutions with unique data driven global insights into the impact of these trends and how to most effectively design strategies to meet their customers’ needs over the next 12-24 months.
This is a must-read, essential and unique report for all financial service professionals working in the retail banking, everyday banking and digital sectors as well as the fintech and neo bank community.
Over the last few years, technology innovation has led to a FinTech boom, with digital disruptors cropping up across the world to serve consumers across payments, FX, investments and lending. Free from legacy systems, FinTechs can quickly adapt and focus their services to offer consumers a more convenient, tailored and cost-effective service, and make financial services more widely accessible. RFi Group’s Global FinTech Evolution 2020 is a comprehensive review of the rise of FinTechs, exploring consumer appetite for digital financial services across ten international markets of Australia, Canada, China, France, Hong Kong, India, Mexico, Singapore, the UK, and the USA. With just under half of consumers globally having used a FinTech, the report examines the key appeals of new and emerging players and how uptake of these services is likely to affect traditional banking paradigm.
Consumer comfort with using digital-only providers has risen sharply, with 2020 heralding its highest levels ever. While India and China leading are leading FinTech adoption, use of these providers is growing globally, driven by perceptions of their ease of use and cost savings. The emergence of FinTech has led to a shift in banking behaviours, with FinTech users often relying on these providers for their main transactional relationship. However, consumers are far less comfortable with the idea of depositing their salaries with these providers, highlighting the biggest barrier to FinTech growth: trust. While consumers place most trust in banks to protect their money and personal data, traditional institutions will continue to hold a key competitive advantage.
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About RFi Group:
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.