Diminishing trust in financial institutions will lead to a significant increase in the use of fintech firms for products and services such as loans and investment management, a new report from the U.K.-based, peer-to-peer international money transfer platform provider TransferWise said.
Nearly one third of Americans will use a technology company for most of their financial services within five years, according to the report, "The Future of Finance."
"The world of finance is about to change – for good and for the better," Taavet Hinrikus, CEO and co-founder of TransferWise, said. "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 behavior as consumers. Most of us are now happy to use alternatives to banks for more and more of our financial needs."
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
