Fintech Adoption

Whether it’s filling gaps in available financial services or accessing convenient mobile options, consumers increasingly turn to fintechs to round out their financial experience.

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Highlights

Our 2021 research looks at consumers’ relationships with fintechs. For purposes of this survey, we define “fintechs” as third-party apps or websites not affiliated with a bank or credit union.

Digital use increases fintech relevance

More people choose to manage their money through mobile than ever before.

Fintechs fill gaps

People turn to fintechs for everything from crypto to credit checks.

Data sharing concerns some people

Gen Z and millennials are far more inclined than older generations to share financial information with a fintech.

Fintechs are part of the financial experience

Most people are willing to use a fintech for at least some types of financial services.

Digital use increases fintech relevance

More people choose to manage their money through mobile than ever before.

Fintechs fill gaps

People turn to fintechs for everything from crypto to credit checks.

Data sharing concerns some people

Gen Z and millennials are far more inclined than older generations to share financial information with a fintech.

Fintechs are part of the financial experience

Most people are willing to use a fintech for at least some types of financial services.

78%

of people

40 and under would stay with their bank if it went all digital, compared with only 47% of people over 40.

78%

of people

40 and under would stay with their bank if it went all digital, compared with only 47% of people over 40.

More people prefer mobile and online over in-person methods for interacting with their primary financial organizations. A majority would stay with a bank that went all digital.

For Banking, Mobile Now Preferred Over In-Person Interactions

Preferred Ways to Interact With Primary Financial Organization

People 40 and under prefer digital (mobile and online) over the branch by nearly 6:1.

Awareness Is High for Some Types of Fintech Apps

Awareness

Use

Payment

(e.g., PayPal, Venmo)

Budget

(e.g., Credit Karma, Mint)

Loan

(e.g., Chime, Dave)

Investment

(e.g., Robinhood, Acorns)

Crypto

(e.g., Coinbase, Stash)

Payment

(e.g., PayPal, Venmo)

Budget

(e.g., Credit Karma, Mint)

Loan

(e.g., Chime, Dave)

Investment

(e.g., Robinhood, Acorns)

Crypto

(e.g., Coinbase, Stash)

Filling Gaps

Crypto in Focus

Data Sharing

Open to Fintechs

Fintechs fill gaps

For services not always offered at financial organizations, including investing, monitoring credit, or buying and selling cryptocurrency, consumers engage more with third-party, nonbanking fintechs.

Filling Gaps

Crypto in Focus

Data Sharing

Open to Fintechs

Crypto at the forefront

Six in ten (61%) Gen Z and millennial consumers say they want their bank or credit union to hold crypto. Meanwhile, only 16% of consumers say they have knowledge of their financial organization’s crypto offerings. For crypto buyers, that may mean turning to a fintech. Among Gen X and boomers who bought or sold crypto, 78% did it through a fintech.

Filling Gaps

Crypto in Focus

Data Sharing

Open to Fintechs

Sharing financial information

Connecting financial account information is essential for many fintech services. But people are split on whether they’re likely to do it. The big difference maker? Age.

Only 35% of people 56 and under said they would be unwilling to share data, compared with 72% of people over age 56.

Filling Gaps

Crypto in Focus

Data Sharing

Open to Fintechs

How Many Would Use a Fintech?

People are open to fintechs

Consumers are willing to turn to fintechs for a wide variety of services as part of their overall financial experience.

Most people use at least one type of fintech service – 86% use a payment app, for example – and awareness of different fintech services is high.

Learn more about consumers' use of fintechs

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For more information: Conducted by The Harris Poll on behalf of Fiserv, Expectations & Experiences is one of the longest running surveys of its kind and builds on years of longitudinal consumer survey data. Download the summary report for more information on methodology, the research sample and the specific questions asked in this survey.