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Plaid’s Annual ‘Fintech Effect’ Report Shows 84% of UK Consumers Use Fintechs to Manage Money

The Paypers | Oct 18, 2022

The fintech effect - Plaid's Annual 'Fintech Effect' Report Shows 84% of UK Consumers Use Fintechs to Manage MoneyUS-based Open Banking operator Plaid has published The Fintech Effect report that shows 84% of UK consumers use fintech for money management in 2022.

  • When it comes to the benefits of fintech as reported by consumers:
    • 41% has stated that they are enabled to have a greater understanding of their spending, thus being able to have better money management.
    • More than half (56%) reported that fintech helps them save time
    • 49% stated that it helps them have increased control over their finances.

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  • Consumers’ financial stress is on the rise:
    • 62% of consumers having stated that this has increased since 2021
      • 83% citing the rising cost of living as being their main concern.
      • The economic backdrop, with interest rates rising and inflation
      • a worrisome 41% of consumers have reported they have little to no confidence in the economy.
  • Enhancing consumers’ financial well-being
    • 74% have stated that they need their bank to be able to connect to the apps and services they want to use
    • 48% have expressed a wish for seeing their bank partner up with more fintech companies.
    • Open Finance is seen as being the next step when it comes to UK consumers’ understanding and managing of their holistic financial life, due to its enhanced connection of financial data that includes pensions, savings, and investments.

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NCFA Jan 2018 resize - Plaid's Annual 'Fintech Effect' Report Shows 84% of UK Consumers Use Fintechs to Manage MoneyThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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