how the use of financial technology (fintech) changed the way traditional banks operate, and what does this mean for the future of banking
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Data_All_240716.pdf
Knowledge & Use of FinTech SurveyMonkey
1 / 17
40.00% 28
30.00% 21
8.57% 6
12.86% 9
8.57% 6
Q1 What is your age group? Answered: 70 Skipped: 0
TOTAL 70
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
18-24
25-34
35-44
45-54
55+
ANSWER CHOICES RESPONSES
18-24
25-34
35-44
45-54
55+
Knowledge & Use of FinTech SurveyMonkey
2 / 17
54.29% 38
7.14% 5
12.86% 9
5.71% 4
18.57% 13
1.43% 1
Q2 What is your employment status? Answered: 70 Skipped: 0
TOTAL 70
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Employed full-time
Employed part-time
Self-employed
Unemployed
Student
Retired
ANSWER CHOICES RESPONSES
Employed full-time
Employed part-time
Self-employed
Unemployed
Student
Retired
Knowledge & Use of FinTech SurveyMonkey
3 / 17
7.27% 4
20.00% 11
3.64% 2
34.55% 19
18.18% 10
14.55% 8
1.82% 1
Q3 what is your profession? (If employed) Answered: 55 Skipped: 15
TOTAL 55
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Banking (All sectors)
Finance
Economist
Entrepreneur/ Business owner
Marketing
Sales
Web Developer
ANSWER CHOICES RESPONSES
Banking (All sectors)
Finance
Economist
Entrepreneur/ Business owner
Marketing
Sales
Web Developer
Knowledge & Use of FinTech SurveyMonkey
4 / 17
18.46% 12
32.31% 21
16.92% 11
10.77% 7
21.54% 14
Q4 Do you know how FinTech is altering the setting of traditional banking? Answered: 65 Skipped: 5
TOTAL 65
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very aware
Somewhat aware
Neutral
Somewhat unaware
Very unaware
ANSWER CHOICES RESPONSES
Very aware
Somewhat aware
Neutral
Somewhat unaware
Very unaware
Knowledge & Use of FinTech SurveyMonkey
5 / 17
21.54% 14
29.23% 19
16.92% 11
24.62% 16
7.69% 5
Q5 How well do you recognize how FinTech (robo-advisors, blockchain technology, and mobile banking apps) work in the banking industry?
Answered: 65 Skipped: 5
TOTAL 65
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very well
Somewhat well
Neutral
Not very well
Not at all
ANSWER CHOICES RESPONSES
Very well
Somewhat well
Neutral
Not very well
Not at all
Knowledge & Use of FinTech SurveyMonkey
6 / 17
49.18% 30
27.87% 17
9.84% 6
6.56% 4
6.56% 4
Q6 How often do you utilize apps for mobile banking? Answered: 61 Skipped: 9
TOTAL 61
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Every day
Every week
Every month
Very rarely
Never
ANSWER CHOICES RESPONSES
Every day
Every week
Every month
Very rarely
Never
Knowledge & Use of FinTech SurveyMonkey
7 / 17
9.84% 6
40.98% 25
75.41% 46
60.66% 37
3.28% 2
Q7 Which of the following FinTech products have you used? (Check all that relate.)
Answered: 61 Skipped: 9
Total Respondents: 61
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Robo Advisors (Artificial
intelligence...
Blockchain-conn ected services
(ex. Instapa...
Online and mobile banking
Platforms for peer-to-peer
lending...
None of the above
ANSWER CHOICES RESPONSES
Robo Advisors (Artificial intelligence advisors, as for bank customers or bank employees)
Blockchain-connected services (ex. Instapay IPN Transactions, JPMorgan Chase innovation of financial industry in money exchange and digital assets)
Online and mobile banking
Platforms for peer-to-peer lending (PayPal, Instapay, Revolute)
None of the above
Knowledge & Use of FinTech SurveyMonkey
8 / 17
53.33% 32
38.33% 23
8.33% 5
0.00% 0
0.00% 0
Q8 Have you noticed changes in your banking experience since the release of mobile banking apps?
Answered: 60 Skipped: 10
TOTAL 60
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Improved significantly
Improved somewhat
No change
Worsened somewhat
Worsened significantly
ANSWER CHOICES RESPONSES
Improved significantly
Improved somewhat
No change
Worsened somewhat
Worsened significantly
Knowledge & Use of FinTech SurveyMonkey
9 / 17
56.67% 34
35.00% 21
8.33% 5
0.00% 0
0.00% 0
Q9 How, in your perspective, has fintech affected the efficiency and speed of your banking transactions?
Answered: 60 Skipped: 10
TOTAL 60
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Greatly improved
Somewhat improved
No change
Somewhat worsened
Greatly worsened
ANSWER CHOICES RESPONSES
Greatly improved
Somewhat improved
No change
Somewhat worsened
Greatly worsened
Knowledge & Use of FinTech SurveyMonkey
10 / 17
55.93% 33
32.20% 19
50.85% 30
30.51% 18
15.25% 9
3.39% 2
Q10 What benefits do you think come with utilizing FinTech products? (Please check all that apply.)
Answered: 59 Skipped: 11
Total Respondents: 59
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Convenience
Lower costs
Better customer
service
Increased financial
inclusion
Enhanced security
None of the above
ANSWER CHOICES RESPONSES
Convenience
Lower costs
Better customer service
Increased financial inclusion
Enhanced security
None of the above
Knowledge & Use of FinTech SurveyMonkey
11 / 17
49.15% 29
25.42% 15
55.93% 33
23.73% 14
6.78% 4
Q11 Which significant drawbacks do you see with using FinTech products? (Check all that relate.)
Answered: 59 Skipped: 11
Total Respondents: 59
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Security concerns
Lack of personal
interaction
Technical issues
Trust in technology
None of the above
ANSWER CHOICES RESPONSES
Security concerns
Lack of personal interaction
Technical issues
Trust in technology
None of the above
Knowledge & Use of FinTech SurveyMonkey
12 / 17
62.71% 37
28.81% 17
5.08% 3
1.69% 1
1.69% 1
Q12 In the future, how likely are you to use new FinTech services and products?
Answered: 59 Skipped: 11
TOTAL 59
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very likely
Somewhat likely
Neutral
Somewhat unlikely
Very unlikely
ANSWER CHOICES RESPONSES
Very likely
Somewhat likely
Neutral
Somewhat unlikely
Very unlikely
Knowledge & Use of FinTech SurveyMonkey
13 / 17
48.28% 28
50.00% 29
27.59% 16
25.86% 15
44.83% 26
Q13 In the next five years, which areas do you think FinTech innovations will have the biggest impact on? (Check all that relate.)
Answered: 58 Skipped: 12
Total Respondents: 58
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Customer service
Transaction processing
Risk management
Compliance (regulations)
Investment management
ANSWER CHOICES RESPONSES
Customer service
Transaction processing
Risk management
Compliance (regulations)
Investment management
Knowledge & Use of FinTech SurveyMonkey
14 / 17
52.54% 31
40.68% 24
5.08% 3
1.69% 1
0.00% 0
Q14 Do you think banks that use more FinTech solutions have an advantage or an edge over those that don't?
Answered: 59 Skipped: 11
TOTAL 59
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
ANSWER CHOICES RESPONSES
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
Knowledge & Use of FinTech SurveyMonkey
15 / 17
28.81% 17
61.02% 36
8.47% 5
1.69% 1
0.00% 0
Q15 Do FinTech solutions, in your opinion, deliver more efficient banking services?
Answered: 59 Skipped: 11
TOTAL 59
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
ANSWER CHOICES RESPONSES
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
Knowledge & Use of FinTech SurveyMonkey
16 / 17
53.45% 31
37.93% 22
8.62% 5
0.00% 0
Q16 What impact has the availability of FinTech services had on your interactions with customer service representatives at banks?
Answered: 58 Skipped: 12
TOTAL 58
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Improved somewhat
No change
Worsened somewhat
Worsened significantly
ANSWER CHOICES RESPONSES
Improved somewhat
No change
Worsened somewhat
Worsened significantly
Knowledge & Use of FinTech SurveyMonkey
17 / 17
17.54% 10
52.63% 30
22.81% 13
5.26% 3
1.75% 1
Q17 In general, how pleased are you with the FinTech services your bank offers?
Answered: 57 Skipped: 13
TOTAL 57
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Very satisfied
Satisfied
Neutral
Dissatisfied
Very dissatisfied
ANSWER CHOICES RESPONSES
Very satisfied
Satisfied
Neutral
Dissatisfied
Very dissatisfied
