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Peer2Peer Finance News | May 22, 2018

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Majority of public unaware of benefits of fintech

Majority of public unaware of benefits of fintech
Marc Shoffman

FINTECH may be shaking up financial services, but consumers don’t seem to have noticed.

A poll by MHP Communications found 87 per cent of people have no view on fintech’s reputation, with just eight per cent viewing the sector positively.

The research, which surveyed more than 1,000 adults, found greater awareness among 25-34 year-olds, with one in five thinking fintech has a good reputation and ‘don’t knows’ dropping to 75 per cent.

Over the age of 55, 96 per cent of respondents said they did not know anything about fintech.

Read more: Record year for UK fintech VC investment

As the UK’s fintech hub and a major global centre, London was unsurprisingly the most aware region, with the ‘don’t know’ figure at 76 per cent, with 17 per cent positive and seven per cent negative.

In other regions, however, awareness remained extremely low, with those responding ‘don’t know’ above 90 per cent in Scotland, the North East, the North West, Yorkshire and Humberside, the South East and the South West.

Read more: Attracting talent crucial to UK remaining fintech centre

“These findings highlight the fact that fintech needs to be mindful of its own bubble and are a stark reminder that the industry must not forget the consumers it is seeking to talk to.” said Mike Robb, managing director at MHP Communications.

“While this will certainly come as a shock to fintech evangelists, these numbers reiterate the fact that consumers simply want financial services to make their lives easier, provide better customer service, increased transparency and accessibility.

“Many fintech firms are undoubtedly delivering this but it is an important reminder that consumers do not differentiate between a 200-year-old bank with a new app and a one-year-old provider that is doing things entirely differently.”

Read more: Goji secures multi-million-pound backing from global fintech investors