Tech Nation Report 2020 shows that when it comes to consumer fintech adoption, the UK ranks within the top 10 countries in the world, with 71% of people using fintech products.
However, research by Edelman – referred to in an interesting opinion piece by Andrew Wilde in Sifted this morning – highlights two ‘trust gaps’ that fintechs as a collective need to bridge.
The first is data privacy. Consumers are reluctant to share data, which could change through the advent of ‘track and trace’ apps. 62% of people are willing to give up more of their personal data to help track and contain the virus.
The second is ‘fear of the unknown’. Trust in fintech sub-sectors is weak; on average, 47% of people trust peer-to-peer and digital payments, 48% for blockchain and crypto and 49% for digital wealth and advisory companies.
61% of people think that the pace of tech is “moving too fast” – and two-thirds worry that tech makes it impossible to know whether what they are seeing and hearing is real or not.
Covid presents an opportunity for fintech to shed its historical distrust and be a standards bearer for business as we move into a new era, the article concludes.