With more and more high-street bank branches shutting their doors in the face of the digital revolution, Azimo explores the headline statistics behind the consumer switch from traditional banking to FinTech.
In conjunction with Censuswide, we recently surveyed 4,000 consumers across the UK, Germany, France and Spain to quiz them on their attitudes towards innovation in finance – and the results clearly show that digital is the dominant force in 2017 when it comes to how we manage our money. In fact, savvy Europeans are already saving up to £7 billion in financial charges every year by using technology to help look after their money.
The leading reasons for these huge savings, according to the survey?
- Ability to move money instantly between accounts to avoid overdrafts and charges.
- Instant visibility of what you’re spending, allowing you to act accordingly.
- Ability to manage direct debits and standing orders yourself.
The benefits to consumers in this brave new world of finance are clear. So it’s no surprise that our survey found nearly 90 per cent of respondents across the UK, Germany, Spain and France now favour technology when it comes to managing their cash, deserting traditional banking and accounting services in droves.
“Thanks to technology, overcharging consumers when it comes to financial management is now a thing of the past,” says Michael Kent, Co-Founder and CEO of Azimo. “We’re focused on helping consumers better manage their money both domestically and internationally by making the online transfer experience as frictionless as possible. This new data is proof that technology is continuing to change the world of finance for the better, and although there’s still a way to go to fully digitise the industry it’s great to see the positive impact for consumers.”
We also analysed the survey data by country and you won’t be surprised to read we’re not all the same by any means. For instance, Germans are the least likely to embrace FinTech when it comes to managing their money better, with almost a fifth of them disagreeing with the desire to go digital. At the other end of the scale, Spaniards grab the tech crown when it comes to managing their money on the go – just under 70 per cent of them opt for a mobile app as their technology of choice for managing their money. Vamos!
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