Fintech is becoming more widely used than social media, research claims.
Analysis of consumer fintech use by software provider Plaid found that increasing numbers of consumers are using online tools to manage their money.
This covers online banking, investing, savings, budgeting, borrowing and goal setting.
The research found that 86 per cent of UK consumers use fintech to manage their finances.
In comparison, more people now use fintech than video streaming services (78 per cent) and social media (72 per cent), placing fintech among the most widely adopted consumer technologies outside of the internet, Plaid said.
Payment apps lead in terms of overall use, while savings and investing app use grew the most annually, increasing 24 per cent and 18 per cent to reach totals of 57 per cent and 51 per cent, according to the research.
“Solving widespread financial challenges remains fintech’s primary directive,” Plaid said in its report.
“But changing the culture of money and showing up wherever people touch their money positions fintech to be the new centre of the financial universe.
“With mass adoption reached, nearly every consumer has experienced fintech.
“As the ecosystem moves forward, fintech’s impact will continue to stretch beyond financial well-being and inclusion to a full transformation of financial services’ role in everyday life.”