“Both adopters and non-adopters worry about the security of their personal data online and demonstrate greater trust in traditional institutions and providers who offer face-to-face interactions,” says Stokes.
But that could be poised to change. While Canadian consumers are more comfortable in banking with traditional institutions, nearly one-third of them are ready to use products from new financial services companies if they work together with incumbents.
“Even though non-financial services companies have led the way in deploying new technologies to deliver innovative services while raising the bar on consumer expectations, they do not yet have the full confidence of consumers when it comes to providing financial services on their own,” says Stokes. “Our findings show that there is a trust gap that can create opportunities for both incumbent financial institutions and their FinTech competitors.”
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About the research
The study is based on more than 27,000 online interviews with digitally active adults between 4 February 2019 and 11 March 2019 across 27 markets – Argentina, Australia, Belgium and Luxembourg (treated as one market), Brazil, Canada, Chile, China (mainland), Colombia, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Peru, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, the UK and the US.
A regular FinTech user is defined as an individual who has used two or more FinTech services in the last six months.
The 2019 survey places FinTechs into five categories: money transfer and payments, budgeting and financial planning, savings and investments, borrowing and insurance. There are now 19 individual services, but the survey used the same 10 “buckets” as 2017 to enable year-over-year comparison.
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