05/23/2024
The majority of consumers are using self-serve digital financial services and demand is growing.
Digital Financial Services on the Rise: The use of digital banks, payment platforms, and investment platforms has grown significantly over the past two years.
Convenience and Control are Key: The primary reasons people use digital financial services are convenience (64%) and the desire for greater control over their finances (38%).
Financial Literacy Concerns: Despite the increased use of digital financial services, less than half of consumers (46%) consistently avoid clicking on links or downloading attachments from unknown senders, raising concerns about their awareness of online risks.
Informal Financial Education: Most consumers rely on informal sources like family and friends (55%) or social media (24%) for financial education, while only 42% turn to their banks.
Room for Financial Improvement: Nearly half of consumers (46%) believe they don't manage their finances well, and 91% see room for improvement in their financial well-being through better knowledge in areas like saving, budgeting, and investment.
Shared Responsibility for Education: While 33% of consumers believe banks and financial providers should be most responsible for providing financial education, 31% believe it's their own responsibility.
Strong Demand for Fraud Awareness: 71% of consumers believe there should be more awareness campaigns about fraud and scams.
Collective Effort to Prevent Fraud: Consumers overwhelmingly agree (91%) that they, banks, and the government should all be doing more to prevent fraudulent transactions.
These insights highlight the growing importance of digital financial services, the need for improved financial literacy and fraud awareness, and the shared responsibility among consumers, financial institutions, and governments to enhance financial well-being and security.
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Missed out on our previous webinar? Our report highlights the topics covered, tap into valuable consumer insights on their use of digital banking, investment platforms, and payment options as well as financial literacy.
