Thread by @SBI_Media

Understanding FinTech in the New Normal

FinTech is more than a buzzword, it is changing everything as we know it. is not news.
In Nigeria, it is not an exaggeration to conclude that the FinTech industry is at its peak.

Today, many people are fascinated by it as well as the opportunities it has to offer. Thanks to the power of technology and the internet that is evolving faster than ever before, financial services have never been more accessible.

So, no matter where you are, all you need is a wifi connection to send, receive and even carryout complex financial transactions with no hassles.

As Nigerians adjust to the new-normal, FinTech has also unsurprisingly become one of the most important drivers of financial transactions and habit and by extension the economy.

Why is this you ask? Keep reading!

At SBI Research, we took a comprehensive survey and looked into the activities carried out on digital bank Apps and here is what we found:

Interestingly, more than 60% of our respondents use their mobile apps to send money, buy airtime and pay for essential bills, digital services and payments.

The survey also shows that nearly half of our respondents believe a digital bank solves most of their banking challenges, which is good news for FinTech brands.

We also found out that Lagos is the most important market for FinTech and the market must be taken seriously in order to acquire customers. Other markets are Ogun, Abuja (FCT) and Oyo.

Also due to the current realities of the world with COVID-19, a lot of respondents answered that they do not go to the bank as often as they used to in the past as close to 50% of respondents haven’t been to the bank in the last six months.

The study also showed about 70% of respondents admit they prefer digital banks to traditional banks, they claimed that the solutions offered by FinTech are often cheaper, reliable and secure.

And lastly, poor customer service, excess service charge and inability to deliver on advanced services are few of the reasons respondents opt for a digital banking experience.

Therefore, FinTech has not only made financial services be available everywhere, but it has also made it available for anyone. People are shifting away from traditional retail banking, and new digital competition in the finance sector is on the rise.

This digitization has created an extraordinary development of new universal software capabilities,

creating an extraordinary evolution of the financial services sector which means that there is a major opportunity for Fintech brands as the world is becoming more and more digitized.

To learn more about how you can get the detailed research and also understand your market better, talk to us, we are just one email away. You can reach us via: [e-mail]
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