Consumers International releases new report on the growth of FinTech
Consumers International has launched a new report highlighting the major impact that financial technology (FinTech) services have had on consumers and the financial services market.
The report; Banking on the future: an exploration of FinTech and the consumer interest, explores how and why FinTech is transforming financial services markets for consumers, and what the opportunities and challenges are, as FinTech services and products become more widely used.
It also offers insight on how those working in the consumer interest might address some of the emerging consumer protection issues.
- Revolution, not evolution: FinTech is reshaping the financial services sector, and disrupting the way that established banks deliver financial services to consumers.
- Greater competition & choice: The emergence of FinTech can deliver significant benefits to consumers – in driving greater choice, competition and convenience.
- Access for the ‘unbanked’: It can also provide access to core financial services in places where large parts of the population still lack a basic bank account.
- Concerns over personal data and privacy: FinTech will also present a number of challenges and risk for consumers, including the intensive use of personal data, fraud, issues with P2P lending and liability when things go wrong.
- The right sort of regulation is key: Regulators have an essential role to play in maximising the benefits and minimising potential harm for consumers, by supporting innovation and mitigating risks
Banking on the future
“The FinTech revolution presents an exciting opportunity to deliver greater competition, choice and crucially, access to banking for consumers across the globe. Building in security, privacy and accountability right from the start will help it reach its enormous potential for consumers. Consumer organisations will need to work closely with regulators and businesses to make sure innovation is done with consumer needs at the heart.”
Amanda Long, Director General, Consumers International
10 things consumers need to know about FinTech
To coincide with the release of our latest report Banking on the Future: an exploration of FinTech and the consumer interest, Consumers International lists ten things FinTech means for consumers.