Rising adoption of Fintech products/services
Customers across the globe are embracing products/services from fintech firms
Banks are no longer the sole providers of financial products and services to customers as nearly two-thirds of the customers said they use products or services offered by fintech firms. Penetration of fintech firms is slightly higher in emerging markets along with customers having more relationships with fintech firms – indicating the gaps in the services provided by traditional banks. While the fintech phenomenon is being driven by young and tech savvy customers, the appeal for fintech firms is expected to intensify across all the age groups. This can have a profound impact on the way banks carry out their business in future.