Bitkom: potential for digital financial products

Bitkom surveyed for his study 1,007 German citizens aged 14 and over.

F or digital financial deals provides the IT association Bitkom great potential. According to a recent study, 25 percent of Internet users have imagined, online take out a loan, 7 percent have already done. “The digital economy is changing the way we deal with money,” says Ulrich Dietz, vice president of Bitkom. So-called Fintechs, start-up companies from the financial sector, are important drivers in the highly regulated sector, which applies traditionally as very conservative.

widely used online banking

70 percent of Internet users perform banking transactions accordingly already through online. Conventional applications are far forward, so the retrieval of account balance (100 percent) and remittances (96 percent). hand New Credit ask only 13 percent of those surveyed online, a personal finance advice have taken only 6 percent have been to claim.

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Mobile Banking in Trend

In many cases, customers use therefore already the smartphone for banking transactions. “The trend in online banking goes away from the desktop and to mobile devices,” says Dietz. “In this case, the phone will continue to increase in importance, especially with innovative apps that make online banking on the mobile device always intuitive and uncomplicated.”

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Financial world is too complicated for many

Many users would entrust their money in principle Digital company, but there was still a great need for education, said Dietz. According to the study, 67 percent of respondents to understand the financial world, for many, 66 percent said they understood not digital offerings. “In terms of ease of use is still much to do,” says Dietz, “banks and Fintechs must now raise awareness and build trust.”

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Customers remain loyal to their account

It currently get a “tsunami-like tidal wave of Fintechs on consumers to”. Many of them would offer compared to traditional financial industry many niche products, provides Dietz firmly. A key factor is the loyalty of users to their bank. Three quarters of users in Germany have never changed their account, but only 23 percent are actually satisfied with their current bank. 67 percent of respondents as a reason that the effort for a change is very high, 5 per cent thus do not know how the account can terminate. (With material of dpa.)