Plaid reveals positive ‘FinTech effect’

A recent report from Plaid, an open finance data network and payments platform, has revealed that nine in ten UK consumers say FinTech apps and services have helped them in some way.

Half of the respondents reported to feeling more in control of their finances since using FinTech, whilst 36% said it helped reduce fear and financial stress in their lives.

Plaid’s 2021 annual report also revealed that 56% of UK users said they have saved time as a result of FinTech apps and services; 42% saved money, whilst 35% report to understanding their finances better.

Moreover, 69% of UK respondents reported that digital tools have helped to make money more social, with 65% more comfortable discussing finances as a result. Indeed, for 44% of respondents, financial tools and apps have become a subject of dinner table discussion.

The findings of the report coincide with Talk Money Week 2021, an annual awareness campaign run by the Money and Pensions Service designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance.

Keith Grose, Head of UK at Plaid, said, “With the flurry of activity in FinTech funding, chatter around market valuations, and notable acquisitions in recent months, it can be easy to forget the more important role that FinTech can play in improving peoples’ everyday financial lives.”

Copyright © 2021 FinTech Global

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