In five years’ time, a quarter of UK consumers expect to use a technology provider for at least half their financial services, a new survey has claimed.

Some 65 per cent of UK adults would already consider using a technology company for services that they usually get from their bank, found the survey of 2,060 consumers by money transfer platform TransferWise.

The poll showed that while 73 per cent of Brits had never used a technology provider for any financial product, by 2020, four in ten expected to for at least one service. A further 26 per cent predicted that they would use a tech firm for half or more of their financial needs. And in ten years’ time, one in five respondents anticipated they would trust technology providers for all their financial requirements, from credit cards to mortgages.

The five main factors that would prompt consumers to switch were a more secure service than their bank (35 per cent), a more convenient service (25 per cent), better cost (24 per cent), a quicker service (19 per cent), and improved customer service (16 per cent).

Taavet Hinrikus, TransferWise CEO and co-founder, argued: “The world of finance is about to change – for good and for the better. In five years’ time, the financial services sector will look completely different, with a host of new providers and innovative new services. In ten years, it will be transformed. The main shift will be in our expectations and behaviour as consumers. Most of us are now happy to use alternatives to banks for more and more of our financial needs.”

However, the survey also revealed that the UK was lagging behind some its global counterparts in terms of being “FinTech ready”. While 26 per cent of Brits agreed that they would use a technology company for at least 50 per cent of their financial needs by 2020, the global average was 32 per cent. Australian consumers were out in front at 47 per cent, Germany polled 31 per cent, and the US and France recorded 28 per cent.

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