A new survey by deVere Group, one of the world’s largest independent financial advice organizations, found that 55% of respondents regularly use fintech to access and manage their money.
The data reveals that emerging markets in Asia, Latin America and Africa are the largest growth areas for fintech participation.
The largest use of fintech is for remittances and money transfers, with 67 percent of respondents using fintech for this purpose, 46 percent using it to track investments and just 28 percent to store and manage cryptocurrency.
Nigel Green, founder and chief executive of the deVere Group, said these figures would have been significantly lower just two years ago.
“The fact that today 55 percent of respondents worldwide regularly use fintech solutions highlights the staggering pace of digitalization of our daily lives. And it’s accelerating,” he said.
Mr Green said fintech companies were filling the void left by traditional financial services companies and offering personalized services on demand.
“Fintech is already a major disruptive presence in the financial services market. This trend will only increase as “digital natives” – the first generation who grew up with the internet and smart devices – become increasingly dominant in the job market and in social and political roles.
The fintech revolution has brought three key benefits to the sector, the first being meeting demand, Mr Green said.
“Second, it accelerates progress in financial inclusion across the world. Helping individuals and businesses manage, save and invest their money successfully will only contribute to a better society for us all.
“And thirdly, it gives businesses the opportunity to diversify, reduce costs, meet regulatory requirements and improve the customer experience, which will help build long-term relationships and trust.
