Fintech – over a third of Brits use finance apps

By Jason Hulott | Fintech News

We recently carried out a small sample survey* to find out how many people actually used finance apps – and for those who didn’t, why?

For clarification, ‘finance’ apps includes banking, insurance, budgeting and all apps related to finance.

Here is a snapshot of the results …

Overall, 76% of people surveyed use a finance app.

Types of finance apps used

  • 88% of people use a banking app
  • 30% of people use budgeting apps 
  • 18% use an app for investments 
  • 18% use an app for insurance.

Who uses finance apps?

The most prolific finance app users are those in the 25 – 45 age band and those aged 65+.

How often are apps used?

Nearly 1/4 (24%) of all those surveyed use their finance app approximately twice a week, while 23% said they use their apps daily.

27% women use an app every day vs. 20% of men.

Reasons for using finance apps

The most popular reasons for using a finance app are because:

  • the app is easier to use than having to log on from a desktop (83%)
  • apps are quick for checking account balances (71%)
  • 47% use apps to keep on top of their budget

Reasons for not using finance apps

Of those that don’t use finance apps, reasons cited for not using apps include:

  • 48% feel that finance apps are not secure
  • 60% say they are happy with their current method of access
  • around 9% of those surveyed don’t have a mobile phone.

If you would like to use this data, we are very happy for you to do so, but please ensure you include a link to this page citing “Fintech research, Speedie Consultants”.

READ  The rise of Fintech – over a third of Brits use finance apps

* Nationwide survey carried out of 200 people aged 18+

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About the Author

Jason Hulott is Business Development Director at Digital Marketing Specialists, Speedie Consultants. He is Google Partner certified. His role is to identify and implement traffic generating and revenue increasing ideas for our client base.