Online banking, payments and money transfers are TOP-3 fintech products used by P2P investors. These are the findings of the P2P platform Robo.cash based on a survey among European P2P investors. Respondents show positive attitude towards digital services in general, which in large part is due to the age aspect. Most of them are Millennials and Gen Z who have grown together with the digital environment.
The majority of P2P investors (32.3%) said they used online banking on a regular basis. The next two most common fintech products among them are digital payments (25.7%) and money transfers (24.9%). 9.1% of respondents mentioned using cryptocurrencies and 6.9% – insurance.
Analysts of the company note that P2P investors who manage funds on online platforms are positive about digital finance on the whole. Their “digital loyalty” can be explained by the age aspect: more than half of the respondents are Millennials and representatives of Generation Z. Thus, they were growing together with the development of the digital environment.
Online banking has become an inherent part of life for the young generation in Europe who prefer a mobile lifestyle. It serves like a universal electronic wallet integrated into another common tool – a smartphone. This explains why this fintech product is a leader among the rest. Digital payments and money transfer systems are also common cash flow channels for investors. Additionally, they are convenient and charge low fees, which is good if one wires money to P2P platforms abroad.
Analysts point out that the increasing tendency to use digital services is observed on the global level as well. For example, the world remittances grew from $633 bn in 2017 to $689 bn in 2018. The volume of global digital payments this year has amounted to $4,137 bn and is expected to reach $6,699 bn by 2023, according to forecasts.