Americans Warm to FinTech

A new study by Blumberg Capital has found that Americans hold a favorable view of FinTech companies and their products and are looking to their traditional banks and financial institutions to bring them new financial innovations.

The survey found that 57 percent of Americans have a positive view of FinTech companies, but that 66 percent are looking for banks to provide technology beyond traditional services. When asked about the adoption of FinTech innovations, half of respondents – a plurality – believe that there needs to be a mix of traditional banking services and new technologies. Two thirds said that if new technologies were offered by their existing bank that they would trust it more readily than those from a new firm.

The survey found that Americans are primed for new technologies – 68 percent said they prefer to handle their financial dealings online, 57 percent believe the days of going to a physical bank branch are ending, 75 percent said that new financial tools will make financial transactions easier and/or less expensive, and 76 percent indicated that FinTech helps people take control of their finances.

Even so, 24 percent indicated they did not “want to take any chances with new FinTech innovations.” And security remains an ever-present concern; three quarters of respondents said that they worry about data security with online banking and payment services.

The survey was conducted by Regina Corso Consulting on behalf of Blumberg Capital between September 5 and 8, 2017. The sample included 2,037 U.S. adults over the age of 18. Read the full report here.