Seven stats to help you justify an investment in fintech to your CEO

With the adoption of fintech on the rise, now is the time to invest in a solution like a mobile wallet. Here are seven data points that you can show your CEO to help make the business case.

Fintech adoption is on the rise. Today, millions of consumers are using digital and mobile-first platforms that offer rare and valuable money management services that were previously only available through brick-and-mortar banks and other traditional payment processing merchants like Western Union and MoneyGram.

There are many reasons that consumers are choosing fintech services including better rates, lower fees and superior service. Consumers can use fintech solutions such as a mobile wallet to make and receive domestic and international money transfers at little to no cost and in real time. They can also enjoy all the benefits of a traditional bank account such as earning interest and the ability to make purchases online and in stores.

For the companies implementing fintech services, especially white label ones like the solution offered by Valorus, there are also a multitude of benefits including reduced credit card processing fees and the ability to pay employees in real time without the payroll costs associated with traditional platforms among others.

If you need more reasons to justify an investment in a fintech solution to your CEO here are seven data points to help you make your case:

  1. Mobile banking is nearing ubiquity, with usage topping in at 83 percent. (BI Intelligence)
  2. 96 percent of 27,000 consumers surveyed in a recent study (across 27 global markets) reported they were at least aware of a fintech currency transfer or payments service – and 75 percent had used one. (Ernst & Young)
  3. 68 percent of consumers are willing to consider a financial services product offered by a non-financial services company. Notably, they’re most open to retailers (45%) and telecommunication firms (44%) as service providers, and most willing to use money and transfer payment FinTech services such as digital-only banking and multimerchant eWallets. (Ernst & Young)
  4. About 30 percent of consumers plan to increase their use of non-traditional financial services providers, but only 39 percent plan to continue using solely traditional service providers. (ICBA)
  5. About 46 percent of today’s consumers use digital channels exclusively for their personal banking. (PwC)
  6. The global mobile-payment market is on track to surpass $1 trillion in 2019. (Statista)
  7. By 2022, mobile transactions are projected to grow by 121%, eventually composing 88% of all banking transactions. (CACI)

If you need more help in justifying an investment in a fintech solution to your CEO fill out our contact form and one of our experts will be in touch to help you map out a plan.