Escalent, a top human behavior and analytics firm, today published a study exploring the stagnant state of financial technology through the lens of consumer attitudes. System Idling: Growth slows across the digital ecosystem highlights challenges facing a number of financial services, from peer-to-peer payment apps to emerging investment instruments.
“With financial institutions seeking avenues to kickstart growth across digital tools, we asked consumers about their habits and attitudes toward platforms facing ever-slowing adoption,” said Christopher Barnes, chief product officer and managing director of Escalent’s financial services division. “Trust and legitimacy concerns were major barriers, particularly for investing instruments. Fintech providers will need to mount aggressive education campaigns to win over many potential customers.”
Some key findings outlined within the study include:
Click below for a full copy of the study.
Escalent interviewed a national sample of consumers aged 18 and older including 1,014 consumers from April 10 to 14, 2017, 1,003 consumers from April 4 to 6, 2018, and 1,007 consumers from August 15 to 23, 2018. Respondents were recruited from the Full Circle opt-in online panel of US adults and interviewed online. The data were weighted by age and gender to match the demographics of the US population. Due to its opt-in nature, this online panel (like most others) does not yield a random probability sample of the target population. As such, it is not possible to compute a margin of error or to statistically quantify the accuracy of projections. Escalent will supply the exact wording of any survey question upon request.