The impact of financial technology services on the impact of traditional financial services is a matter of fact. However, does it have such a large impact as imagined and what areas will it take the lead in breaking through?
According to a survey conducted by the UBS Group, more users will use such services in the coming year than those who already use fintech services. This trend also shows that the acceptance of financial technology services is getting higher and higher.
Percentage of users who have used FinTech services, and the proportion of users who will use it in the coming year
In the cooperation between banks and financial technology companies to launch related services, and whether there is intention to cooperate in the future, a trend seems to be that the two sides will rely on each other's advantages. More and more large banks and start-ups have also made this trend more obvious. Further evidence is that traditional banks are establishing innovative laboratories and accelerators to cultivate excellent financial technology companies.
Banking and financial company cooperation
According to UBS's report, compared to developed countries, the proportion of users considering using P2P lending services in the next year is higher in developing countries, such as Kenya, Indonesia, and Thailand. The global average ratio is 19%.
Percentage of countries considering the use of P2P lending services
Is financial technology really a threat?
From the following table, it can be seen that it is considered that the best threat to traditional financial services is payment, followed by international remittances. As for P2P consumer lending, P2P commercial lending, and the absorption of deposits, financial technology is considered to be a big deal. This is in line with our experience. We have used WeChat Alipay's services in consumer payments. Although banks have also launched their own payment services, they have not received much response.
Financial Technology Threat to Banks
In spite of many risks and the impact of financial technology, UBS Group's survey still believes that in the next three years, the bank's net income growth rate will reach 3.8%; of course, the growth of developing countries will be even slower, 1.3%, while the development The growth of the country will reach 5.1%.
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