Fintech has been pegged as a disruptor of the traditional banking sector, but new data suggests that more and more Canadians are coming to expect fintech services as part of the de facto package that they receive from their banking outlet of choice.
The CGI survey, titled “Fintech Disruption in Financial Services“, revealed that 75 percent of consumers would prefer to acquire digital services from their current financial institution or other traditional providers. The rise of digital security in finance has strongly contributed to this upswing in fintech interest, as defense against cyber-attacks and improved informational security become increasingly important to the daily lives of all Canadians.
The other major leaders in fintech service adoption among bank consumers include mobile payments and accessible personal financial management tools. Access to capital does not rank among the most consumer-desired fintech services, but its adoption rate is increasing over time. The major obstacle to fintech service adoption is trust: consumers who may not be familiar with digital finance management have proven difficult to reassure that their investments will remain safe in the hands of nonbank managers and advisors.
Consumers are eager to use these types of services, and yet the major discourse around fintech seems to consistently debate its role as either a saviour or antagonist to major banking. Fintech principles should revolve around creating opportunities for customer satisfaction in niches where they previously could not find services that met their needs: as this survey appears to underscore, the target market is ready and waiting despite some lingering trust issues.