New data has been released that gives a snapshot of how Brits use Fintech apps – as well as the reasons why some people avoid them.
The study* from digital marketing agency for insurance and finance companies Speedie Consultants shows that overall, 76% of people surveyed use a finance app.
Types of finance apps used
· 88% of people use a banking app
· 30% of people use budgeting apps
· 18% use an app for investments
· 18% use an app for insurance.
Who uses the apps?
· The most prolific finance app users are those in the 25 – 45 age band and those aged 65+
· 27% of women use an app every day vs. 20% of men.
How often are apps used?
Nearly 1/4 (24%) of all those surveyed use their finance apps approximately twice a week, while 23% said they use their apps daily.
Reasons for using finance apps
The most popular reasons for using a finance app are because:
· the app is easier to use than having to log on from a desktop (83%)
· apps are quick for checking account balances (71%)
· 47% use apps to keep on top of their budget.
Reasons for not using finance apps
Of those that don’t use finance apps, reasons cited include:
· 48% feel that finance apps are not secure
· 60% say they are happy with their current method of access
· around 9% of those surveyed don’t have a mobile phone.
Jason Hulott, Director from Speedie Consultants, says: “We wanted to see if people actually used finance apps on their phones or whether they are perceived as a gimmick. We see lots of app and card based services in this space and we wanted to understand if and how they are actually being used. It is interesting to see that more people use them than we thought and also that lots of people access their apps daily.
“We will be running this again in six months time to see the changes as we see more and more services being launched or invested in.”
If you would like to use this data, please ensure you include a link to this page citing “Fintech research, Speedie Consultants”.