Analysis of FinTech customers facing a changing landscape

2 min. reading
Crypto, Digitalisation, Fintech / 6 July, 2022
Analysis of FinTech customers facing a changing landscape

Karla García Gil Journalist

It’s a fact that consumers have changed their habits and needs in every way in the wake of the pandemic, and this, of course, does not exclude finance, as people have begun to prioritize things they probably didn’t pay enough attention to before. In fact, 29% have begun to look at competing priorities in the midst of difficult circumstances.

Rethinking financial decisions has become a fundamental part of daily life for many individuals and families in the face of the growing need to manage their money, particularly during and after a health contingency. According to a Google study, in partnership with research firm Known, 68% of financial consumers agree that during the pandemic they have spent more time than ever before making decisions about their finances.

Advantages and disadvantages of Fintech companies

Advantages and disadvantages of Fintech companies

Financial technology companies or Fintech, for its acronym in English, are entities dedicated to providing the full range of financial services usually offered by traditional banking, only with the differentiator that technology is used to make these services more efficient and accessible products.

The study, which looks at banking and FinTech customers in today’s changing landscape, reveals that 75% of people are open to trying new things, even if there is risk involved. Hence the growing interest in markets such as cryptocurrencies and investing in megatrends that can add to people’s lives.

Thus, users have become 1.2 times more open to using new platforms with innovative products and services, as well as using separate accounts with multiple providers to access the best service when they want it.

However, despite the multiple options most already have, 36% of people are considering exploring new financial options. This may be because 88% want financial services to make everyday life easier, while 78% of customers say they are looking for the most innovative products.

As for human contact, it seems to be an irrefutable necessity in building user trust, with 87% stressing the importance of having access to live support and customer service, while 53% say directly that human interactions are as important as security in building trust in financial service providers.

Finally, 85% of customers affirm the importance of online self-service tools, which many platforms already offer today. It should be remembered that FinTech is known as the industry in which companies use technology to provide financial services more efficiently. The companies linked to this industry offer a wide range of financial services and operate in diverse markets.

How to invest in Fintech?

From BBVA New Gen we have compiled the companies and investment funds that are dedicated to Fintech find out how to invest in the companies that are revolutionizing the sector

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