New habits driven by Covid mean two-thirds of us manage our finances entirely online.
Image source: William Hook/Unsplash.
While many of our readers will undoubtedly have dozens of fintech apps on their phones, the average UK consumer is starting to catch up and now has 2.8 fintech apps installed.
Not only that, but Brits are planning to increase the number of fintechs they have installed to 3.5 apps over the next six months.
Some 79 per cent of people say they use fintech apps either for banking or to pay for goods and services.
The figures come from new research conducted by Plaid and The Harris Poll, which surveyed 4,000 adults in the UK and US.
“This has been a ground-breaking year for fintech as Covid-19 pandemic led people to turn to digital solutions,” said Plaid’s head of international Keith Grose.
“This accelerated the inevitable and now fintech has reached mass adoption faster than almost any service besides the internet itself.”
Plaid also asked about open banking and found that three-quarters of Brits (76 per cent) feel confident using the technology to manage their finances.
The top perceived benefits from those already using open banking include time (59 per cent) and money-saving (42 per cent), as well as greater stress reduction (36 per cent).
“Moving forward, open banking will be a core part of digital life— and it won’t be just about understanding your finances but putting them to better use via new, digital payment methods,” added Grose.
Overall the signs are pointing in the right direction for the digital finance industry, with adoption and usage only set to grow in the post-Covid world.