Today we're launching our report on the Future of Finance: How Technology is Democratising the Financial Services Sector. The report shows that a major shift in consumer banking behaviour across the world can be expected over the next five years. Our research shows that three-quarters of consumers say that they would consider using technology providers for services that they usually use their bank for today.
68% of people have never used a technology provider for any financial service but, in five years’ time, 48% of consumers expect to use a technology provider for at least one service their bank would usually provide. Plus, 32% expect to use a technology provider for 50% or more of their financial needs. In ten years’ time, 1 in 5 consumers anticipate they will trust technology providers for all their financial needs from credit cards to mortgages.
The report surveyed more than 9000 adults from across Europe, North America and Asia Pacific including UK, France, Germany, the US and Australia. TransferWise also surveyed its own customer base to compare the attitudes of early technology adopters to general consumers. Read the full report here.
Taavet Hinrikus, CEO and co-founder, TransferWise:
“The world of finance is about to change - for good and for the better. In five years’ time, the financial services sector will look completely different with a host of new providers and innovative new services. In ten years, it will be transformed. The main shift will be in our expectations and behaviour as consumers. Most of us are now happy to use alternatives to banks for more and more of our financial needs.
In five years’ time, some parts of the sector will be almost universally controlled by non-banks; other parts will be a mix. The most important result will be the true democratisation of finance. The nature of the current “bundled” model of banking is fundamentally unfair. But this is changing - and the consumer will benefit.”
Read the full report here.