Fintech is the ‘New Normal’
Fintech is the ‘new normal.’ Research conducted by the financial advisory business deVere Group, has shown that more than half of banking and financial service customers use the technology on a regular basis.
But years ago, the world was a very different place. In days gone by had you seen an unwitting citizen using a non-incumbent banking product, out of fear and misunderstanding, you may have organised a mob and had them burnt as a witch.
Alas, this was the past. Incumbents were king, and fintech was freakish. Don’t blame yourself for the past atrocities you frequently committed against the early fintech adopters. History has shown us that the forward thinkers are always strung up initially, a necessary evil. A price they gladly pay (probably).
The days of sending a friend to Coventry for whipping out a garish Mondo card are over. Maybe the name change to Monzo had something to do with this. Maybe not. What is clear is that we have progressed since those dark days.
But what is ‘normal’, I hear you say?
‘Normal’ is majority usage. More financial service customers worldwide are now using financial technology than not. That’s it.
But what has happened to those virulently (or violently) opposed to the advance of financial technology? Fintech has assimilated or destroyed them (possibly).
More likely, as deVere Group founder and chief executive has said, fintech firms are filling the void left by the divergence of traditional financial institutions products and consumer expectations. Think more Velvet Revolution and less coup d’état.
This normalisation of fintech is not only taking place across the global hubs of technological innovation. Developing nations in Latin America, Asia and Africa are also jumping on this bandwagon. To some extent, they’ve taken the reins of the bucking mule and are steering it toward widespread adoption.
Around 900 people from the UK, Europe, Asia, Latin America, Australasia and Africa took part in the survey. Among them Latin America, Asia and Africa are becoming the biggest growth areas for fintech participation and adoption.
The zeitgeist is changing. Across the globe, it’s no longer acceptable to send off to leper colonies those using fintech in their day to day lives. This societal change has led to wider acceptance of financial innovation to the point of widespread adoption we find ourselves at today.
Fintech is the normality, and it’s been years since a Mondo user was burnt at the stake.
View the FinTech Connect 2019 website to find out more