Brits give vote of confidence to the future of Fintech

FinTech gets the vote of confidence from the British people.

• Nearly two thirds of Brits are interested in the future of consumer financial technology
• One in four believe budgeting has been made easier through innovation
• But a fifth are nervous that consumer technology will replace human engagement

Britain has given a vote of confidence to new ways to manage its money, as research¹ reveals most of us are eager to see the next gadget or service aimed at making life easier.

The Nationwide Building society poll, which was commissioned to mark the UK’s first Fintech Fortnight², shows that around two thirds (65%) of Brits recognise the benefits of financial technology (FinTech).

Following the popularity of contactless cards, mobile payments and a range of other innovations, more than half (51%) of Brits fully expect the next generation of banking to add speed and convenience to their everyday money management.

The poll also revealed:

• 26% say the amount of mail they receive has reduced, while budgeting is now easier due to FinTech
• Nearly one in five (17%) believe it is simpler than ever before to control various accounts at one time
• A fifth (20%) think virtual reality technology will replace real interaction within financial services
• More than two fifths (43%) believe iris recognition technology will form part of their everyday lives
• 16% anticipate that augmented reality will help us to view and manage our spending
• A quarter (25%) believe advances in security on mobile devices and biometrics will mean cards or wallets are consigned to history
• More than a third (36%) are curious to see how FinTech continues to evolve in the future

While many are interested in the benefits innovation brings, there remain those who are concerned about a potential reduction in human service – something Nationwide is entirely committed to through investing in its 700-strong branch network. The poll shows around one in five (22%) of those surveyed were nervous that continued technological enhancements may mean that human engagement and interaction will be lost in the future.

James Smith, Nationwide’s Director of Mobile & Digital, said: “Digital enhancements are changing our relationship with money and financial services providers. Our research shows that customers are excited to embrace these changes as they genuinely benefit from them. Nationwide is committed to investing in the latest technology, but only when it helps our members have greater control and access to their finances.

“While digital technology provides convenience, it is important to remember that it is people who offer service and Nationwide believes that the future of banking will be best of both worlds – digital convenience backed by market-leading levels of human service. This is why Nationwide is investing £500 million into our branch network, while partnering with Fintech organisations here in the UK and across the world to bring the latest digital improvements that respond to the needs of our members.”

Regionally, it appears it is the North East who are most enthusiastic about the future of consumer technology and how it will further improve their lives with four in ten (40%) feeling this way. Northern Ireland however appear less enthused with a much smaller two in ten (21%) excited about the future of FinTech and upcoming innovations.

Nationwide’s partnership with Fintech Fortnight, launching for the first time this year from 6th – 19th February, aims to celebrate the revolutionary developments and exciting future of consumer technology through raising awareness of FinTech.