Digital banking gaining momentum? According to research conducted by Galileo Financial Technologies, a global fintech-as-a-service company owned and independently operated by SoFi Technologies, digital banking is gaining momentum with consumers of all generations.
Fintech is comprised of fast-growing segments including wealthtech (robo-advisory such as Beanstox) and digital banking. As consumers move their financial lives online, they may seek fintech solutions that combine wealth management and banking.
Key metrics from the research:
Digital banks and higher consumer satisfaction:
- 66% of clients using traditional banks as primary provider indicating that they are satisfied
- 79% and 81% of clients who use digital-only banking and stand-alone digital accounts, respectively, indicating that they are satisfied
All generations are embracing digital financial services. Usage percentages:
- 21% of consumers use digital-only banks as their primary provider across all age groups
- 29% of 35-44 years old (highest usage for any age group)
Read this article to learn where consumers are keeping their funds and to see demographic data on digital banking adoption.
Your opportunity: Learn how you can invest in the Beanstox business, alongside Kevin O’Leary, Chairman & co-owner.
We are excited by the Fintech growth opportunities for Beanstox, but we are also mindful of the fact that for every success story, there are many others which are not as successful.