A new report suggests that a lack of trust in banks is driving an increase in online financial management, with New Zealand among the leaders
Managing finances online is now the preferred method of 70% of consumers according to a poll carried out in 16 countries including New Zealand, Australia, Hong Kong, Singapore, Europe, Canada, Brazil and the US.
New Zealand is leading this sentiment with 81% choosing to manage most of their finances online compared to 58% in the US and 57% in Japan. Kiwis are also among a group of countries (including Australia and Singapore) where smartphones are the second most-preferred option, pushing in-person bank visits into third place.
The study was carried out by YouGov for TransferWise and reveals that New Zealand’s banks are said to providing a great service and fair deal by 28% of respondents compared to 15% in Australia which was also the survey average.
Kiwis are also less likely to believe that banks are focusing on profit over customers. The survey average was 50% compared with 44% of New Zealand respondents. Australian consumers were less convinced with 60% questioning banks’ priorities.
For uptake of fintech alternatives to banks, 27% of New Zealanders said they were likely to use a tech company for at least half of their financial needs within the next year, 39% would do so in the next five years. These figures were slightly higher than Australia and significantly higher than those in the UK and US.
New Zealand is leading this sentiment with 81% choosing to manage most of their finances online compared to 58% in the US and 57% in Japan. Kiwis are also among a group of countries (including Australia and Singapore) where smartphones are the second most-preferred option, pushing in-person bank visits into third place.
The study was carried out by YouGov for TransferWise and reveals that New Zealand’s banks are said to providing a great service and fair deal by 28% of respondents compared to 15% in Australia which was also the survey average.
Kiwis are also less likely to believe that banks are focusing on profit over customers. The survey average was 50% compared with 44% of New Zealand respondents. Australian consumers were less convinced with 60% questioning banks’ priorities.
For uptake of fintech alternatives to banks, 27% of New Zealanders said they were likely to use a tech company for at least half of their financial needs within the next year, 39% would do so in the next five years. These figures were slightly higher than Australia and significantly higher than those in the UK and US.
