Two thirds of Brits ‘interested in future of FinTech’

Nearly two thirds of Brits are interested in the future of FinTech with one in four believing that new innovations have made budgeting easier, a new Nationwide poll has discovered.

However, despite 65 per cent of survey respondents showing an interest in the future of consumer financial technology, a fifth are nervous that new technologies will replace human engagement.

The Nationwide Building society poll, which was commissioned to mark the UK’s first FinTech Fortnight event, shows that around two thirds (65 per cent) of Brits recognise the benefits of FinTech.

Following the popularity of contactless cards, mobile payments and a range of other innovations, more than half (51 per cent) of Brits fully expect the next generation of banking to add speed and convenience to their everyday money management.

The poll also revealed that 26 per cent of respondents believe that the amount of mail they receive has reduced, while budgeting is now easier due to FinTech. Additionally, 17 per cent of those surveyed believe it is simpler than ever before to control various accounts at one time, a fifth think virtual reality technology will replace real interaction within financial services and 43 per cent believe iris technology will soon form part of their everyday lives.

However the poll also found that 22 per cent of those surveyed were nervous that continued technological enhancements may mean that human engagement and interaction will be lost in the future.

James Smith, Nationwide’s director of mobile and digital, said: “Digital enhancements are changing our relationship with money and financial services providers. Our research shows that customers are excited to embrace these changes as they genuinely benefit from them.

“While digital technology provides convenience, it is important to remember that it is people who offer service and Nationwide believes that the future of banking will be best of both worlds – digital convenience backed by market-leading levels of human service.”

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