Fintech savvy Brits crave more tech to manage their money

Digitally savvy Brits are the biggest users of tech in Europe, yet they crave more digital means of managing their money, a major new report from investment platform eToro and the Centre for Economics and Business Research (Cebr) reveals.

eToro’s new Digital Transformation Index (DTI) found the UK to be the number one user of tech on the continent, coming top of the pile when it comes to card payments and use of digital education platforms in particular.

Despite already being the leading nation when it comes to fintech use — and also being home to Europe’s leading fintech hub in London — the overwhelming majority of Brits say they want new and novel digital ways of managing their cash.

Some 60% of Brits want to see the growth of fintech, through the expansion of mobile payments, online investing platforms and online banking, compared to just 10% who are opposed.

The levels of support are highest among younger adults in the UK, for example 63% of 35-54 years old support fintech expansion compared to 55% of over 55s.

eToro’s DTI surveyed more than 18,000 Europeans to determine consumers’ level of engagement with tech and the prospects for further digital adoption in nine major European countries. It also contains detailed analysis of data issued by the European Central Bank and the European Commission.

The UK’s leading position when it comes to digital money management is underlined by the high volume of transactions carried out by card. In 2019, the value of Brits’ card payments totaled approximately £1.1bn (equivalent to €995bn), making it the leading nation by far when it comes to paying with plastic.

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Source: Fintech savvy Brits crave more tech to manage their money