YouGov Global Future of Financial Services Report 2022

THE FUTURE OF FINANCIAL SERVICES
A global exploration
of evolving trends
in the financial
services industry
yougov.com/banking-insurance
FINANIAL SERVICES
Contents
03 Introduction
04 Section 1: The current global

financial landscape
04
Section 2: Trust and understanding in the
26 changing financial services ecosystem
44 Section 3: Rethinking the concept of money
44
Section 4: Rethinking the role of money
55 – making sustainable financial choices
61 Summary
55
THE FUTURE OF FINANCIAL SERVICES 02

Introduction
The financial services industry has been undergoing rapid transformation driven by both
changing consumer expectations and wider industry fragmentation.
We have seen the profound impact that digitisation has had on consumer behaviours and
expectations, and the dramatic effect of the pandemic on both technology change and
patterns of behaviour. For established financial services providers, this creates a challenge in
terms of being able to understand the rate of change, the potential success and longevity of
emerging innovation adoption, and where they should be focussing their own transformation
efforts. For new market entrants, the challenge sits in keeping ahead of the innovation curve
and understanding how to drive consumer adoption before traditional brands can react.
In addition to these fundamental industry challenges, the entire financial services ecosystem
has experienced accelerated industry fragmentation. We have seen the rise of digital-only
brands challenging traditional banking spaces, the emergence of new business models and
innovations that challenge the industry status quo, and the creation of financial products like
cryptocurrency – once seen as having niche and short-lived appeal – becoming -
more mainstream.
With digital providing reduced cost of entry into the market and the rise of the fintechs
increasing competition and consumer expectation, the industry once considered one of the
slowest to innovate, is now transforming at an unprecedented rate.
In this YouGov report we set out to explore the current global financial landscape, and identify
global adoption of, and trust in, new and emerging financial services.
We investigate consumer sentiment towards a cashless society and how the concept of
money has evolved, with a focus on the appetite for cryptocurrency adoption both now
and in the future.
Against the backdrop of rising inflation and squeezed consumer incomes, we also explore the
use of Buy Now Pay Later (BNPL) as a part of the consumer borrowing ecosystem.
With the pandemic heightening awareness of issues linked to sustainability, we also delve into
sustainable finance to understand the degree to which consumers are making sustainable
investment choices, and the role that sustainability plays in consumer decision-making when
making financial choices
This report uses deep-dive YouGov Custom Research across 18 international markets in
tandem with syndicated data from YouGov Profiles.

SECTION 1
The current global

financial landscape
Consumers’ choices for performing many banking/finance-related activities have significantly
broadened with the proliferation of tech-based solutions. For example, digital banking is no longer
only an add-on service to the physical banking experience, but a separate, feature-rich, and often
favoured mode of banking. From payments to online stock trading, a growing adoption of fintech
solutions is reshaping consumer behaviour. Whilst emerging tech-based solutions are increasingly
challenging traditional systems by simplifying processes, lowering costs, and enhancing customer
experience, traditional banking and finance products and services have not been ousted from
their top positions yet.

In our YouGov research, we explored finance activities finance activities undertaken, with over four in ten
undertaken by global consumers in the last three (42%) consumers reporting using a
months to understand the level of usage of different digital wallet to make online payments.
products and services. Across the 18 international
markets surveyed, use of traditional finance products In comparison, consumers’ usage of emerging fintech
emerged as the top three activities. Cash payments solutions remained relatively low. Whilst a quarter
topped the list (59%), followed by contactless reported transacting via a digital-only bank, only 15%
card payments in store (52%) and transacting via a have made a purchase using a Buy Now Pay Later
traditional bank account (43%). Digital wallets are the plan. Transactions relating to cryptocurrency were
strongest challenger to the top traditional undertaken by a small 8% of ‘early adopters.’
L E A R N M O R E A B O U T T H I S DATA
Finance activities undertaken in last three months (Global)
0% 20% 40% 60% 80% 100%
Made a payment using cash

59%
Made a contactless card payment in store using a

52%
credit or debit card
Received a payment into, or made a transaction from,

43%
a traditional bank account (i.e., a bank account
held with a bank with physical branches)
Made a payment online using a digital wallet (e.g., ApplePay, PayPal, Alipay, etc.,
42%
rather than entering your card details)
Made a contactless mobile payment in store using a digital wallet (e.g., using a
26%
mobile phone, a smartwatch, etc., rather than using a physical bank card)
Received a payment into, or made a transaction from, a digital-only bank 25%

account (i.e., a bank account held with a bank that is online or app-based only,
with no physical branches)
Made a purchase using a buy now pay later plan (i.e., you get the item immediately
15%
and pay it off in interest free instalments over time)
Traded stocks or shares, or other investments using an online

14%
investment platform or app
Owned/held, bought, or paid with cryptocurrency (e.g., Bitcoin, 8%

Ethereum, Litecoin, etc.)
Made a sustainable investment (e.g., green bonds, funds that don’t include
8%
companies that cause environmental harm, higher ESG funds, impact investments
that generate positive environmental or social impact as well as returns, etc.)
None of these things

8%
Q: Which, if any, of the following have you done in the last three months?

Is contactless the future of payments?
Over the last few years, COVID-19 has considerably Whilst the proliferation and improved adoption of digital
influenced consumers’ payment behaviours. Initial payment choices has undoubtedly taken share away from
lockdown restrictions and social distancing protocols cash and cards globally, the usage of traditional and
triggered a large shift of spending online, accelerating digital payment methods varies significantly based on
an already growing adoption of digital and country-specific fintech infrastructures as well as
contactless payments. consumer demographics.
Payment methods used in last three months by country
100% 100%
80% 80%
60% 60%
40% 40%
20% 20%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Made a payment using cash
Made a contactless card payment in store using a credit or debit card
Made a contactless mobile payment in store using a digital wallet (e.g., using a mobile phone, a smartwatch, etc.,
rather than using a physical bank card)
Made a payment online using a digital wallet (e.g., ApplePay, PayPal, Alipay, etc., rather than entering your card details)

Almost six in ten global consumers (59%) made a cash at 69%, whereas India under indexes on cash payments.
payment in the last three months, followed by just over By contrast, the US has low levels of adoption of any form
half (52%), who made a contactless card payment in of contactless payments.
store and 42% making online payments via digital wallets.
Countries over indexing on using physical cash as a This is perhaps driven by a more fragmented, and
payment method include Singapore (73%), and European regionalised retail banking market, and therefore a slower
countries of Spain (71%), GB and Germany both on a par roll-out and adoption of contactless payments.
Please note, our samples in East Asian markets such as China, Hong Kong, and Singapore are not all nationally
representative (with some being representative of the online or urban population; see methodology for details)
In the last three months, contactless cards were the top payment method used by consumers in GB (79%), as well as in the
European countries of Denmark (69%) and Sweden (59%) which are leading efforts to build cashless societies. On the other
hand, consumers in Asian countries including Hong Kong (60%), China (58%) and Singapore (48%), had the highest usage
of digital wallets for online payments. In the last three months, digital wallets were the top payment method among Chinese
consumers, likely driven by the ubiquity of digital wallet giants AliPay and WeChat Pay.
R U N YO U R OW N R E S E A R C H

In terms of age, YouGov data shows that globally, the gap reported using a digital wallet for making an online payment.
between traditional and digital payments is widest among Consumers in the 25-34 and 35-44 age groups had the
older consumers. On the other hand, young consumers highest usage of digital wallets for making online payments
globally make digital payments at similar levels to their usage (44% and 46% respectively). Higher usage of digital wallets
of cash and cards. Whilst seven in ten consumers aged among young consumers is likely driven by tech-savviness,
55+ reported making a cash payment in the last three higher smartphone usage, and therefore preference for
months, this dropped to about four in ten (38%) who seamless and convenient digital payment options.
Payment methods used in last three months by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Made a payment using cash 59% 47% 48% 56% 66% 70%
Made a contactless card payment

52% 34% 42% 52% 58% 63%
in store using a credit or debit card
Made a contactless mobile

payment in store using a digital
wallet (e.g., using a mobile phone, 26% 29% 31% 29% 27% 18%
a smartwatch, etc., rather than
using a physical bank card)
Made a payment online using

a digital wallet (e.g., ApplePay,
42% 41% 44% 46% 43% 38%
PayPal, Alipay, etc., rather than
entering your card details)

Traditional banks holding strong against digital challengers
Globally, over four in ten (43%) consumers stated that they are more likely to have used a traditional bank account
received a payment into, or made a transaction from, a for transactions in the last three months. Among the 18
traditional bank account (i.e., a bank account held with a international markets surveyed, Britons (59%) topped the
bank with physical branches) in the last three months. use of traditional banking, followed by Canadians (53%)
and Australians (52%).
Digging deeper, YouGov data shows that markets with
ageing populations and low shares of unbanked consumers
E X P LO R E M O R E DATA
Received a payment into, or made a transaction from, a traditional bank

account in last three months by country
70% 70%
60% 59% 60%

52% 53%
51% 50%
50% 47% 50%
45% 45% 44% 44%
43%
39% 40% 39%
40% 38% 40%
34%
32%
30% 28% 30%
26%
20% 20%
10% 10%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Received a payment into, or made a transaction from, a traditional bank account (i.e., a
bank account held with a bank with physical branches)

When we compare the use of traditional bank accounts among those aged 18-24 and to 37% among those in the 25-
between young and older consumers, YouGov data shows 34 age group. Digital is often the preferred mode of banking
that older consumers are more likely to transact using among younger consumers. These age cohorts also display
a traditional bank account. Globally, over half (52%) of more openness to trialling and adopting emerging
consumers aged 55+ reported having used a traditional bank digital-only offerings.
account in the last three months. This proportion fell to 32%

a traditional bank account in last three months by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Received a payment into, or made

a transaction from, a traditional
bank account (i.e., a bank account 43% 32% 37% 43% 43% 52%
held with a bank with physical
branches)

Will digital-only supersede traditional banking?
Fintech has disrupted the traditional banking and finance YouGov data shows that Asia’s mobile-first countries with
industry, cementing digital’s position as a mighty capability large young populations are leading the adoption of digital-
that can substantially improve processes and impressively only banks. About half of Indonesians (43%) stated they
enhance customer experience. The advantages of digital had received a payment into, or made a transaction from,
are attractive and meaningful to tech-savvy consumers, who a digital-only bank account in the last three months. Other
seek convenience and seamless experiences from locations Asian countries leading adoption of digital-only banks
and devices of their choice. included India (36%) and Singapore (31%).
SPEAK TO A RESEARCHER
Received a payment into, or made a transaction from, a digital-only bank

account in last three months by country
45% 43% 45%
40% 40%
36%
35% 33% 35%
31%
30% 29% 30%
27% 27% 27%
25% 25% 26%
25% 24% 23% 25%
21% 23% 22%
20%
20% 18% 20%
15%
15% 15%
10% 10%
5% 5%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Received a payment into, or made a transaction from, a digital-only bank account (i.e., a bank account held with a bank
that is online or app-based only, with no physical branches)

Looking at the data by age, consumers aged under 55 last three months are at similar levels to the 35-44 age group
reported the highest levels of transactions using a digital-only (27%) and even the Gen Z cohort (26%).
bank, led by the 25-34 age group (30%). Interestingly, those
in the 45-54 age group (27%) using digital only banks in the
Received a payment into, or made a transaction from, a digital-only

bank account in last three months by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Received a payment into, or made

a transaction from, a digital-only
bank account (i.e., a bank account
25% 26% 30% 27% 27% 21%
held with a bank that is online or
app-based only, with no
physical branches)

Buy Now Pay Later (BNPL) plans entice younger consumers
In the wake of the pandemic, whilst price-awareness among age groups. YouGov data shows that in the last three months,
consumers has heightened, inflation is setting curbs on Indonesians made the highest proportion of purchases
spending. This has created favourable circumstances for using a BNPL plan (27%) – almost double the global average
the adoption of BNPL solutions that allow consumers to of 15%. A young aspirational population, large share of
pay for products and services in interest-free instalments unbanked as well as the country’s e-commerce boom are
instead of one-time payments. Whilst BNPL plans have been likely the key factors driving adoption. On the other hand,
experiencing a boom, adoption varies across markets and Danes reported the lowest level of using BNPL schemes (7%).
Made a purchase using a Buy Now Pay Later in last three months by country
30% 30%
27%
25% 24% 25%
22% 22% 22%
20% 20%
18%
16% 16%
15% 15%
15% 14% 15%
13% 13%
12% 12%
9% 10% 10%
10% 10%
7%
5% 5%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Made a purchase using a buy now pay later plan (i.e. you get the item immediately and pay it off in
interest free installments over time)

Additionally, adoption of BNPL plans is driven by age, of smaller spending capacities, those aged 34-44 are
and skews towards the young. Consumers most likely increasingly adopting BNPL as inflation hits their spending
to have made a purchase using a BNPL plan in the last decisions. Consumers aged 55+ reported the lowest levels of
three months fall in the 25-34 age group (20%), followed purchases via BNPL plans (11%).
closely by consumers aged 34-44 (18%). Whilst younger
consumers are likely to be drawn to BNPL plans because
Made a purchase using a Buy Now Pay Later in

last three months by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Made a purchase using a buy now

pay later plan (i.e., you get the
15% 16% 20% 18% 15% 11%
item immediately and pay it off in
interest free instalments over time)

To further understand the BNPL
consumer, notable differences emerge
when we delve into their attitude to
finances overall. Combining YouGov
Custom Research and YouGov
Profiles data in GB, more than half
agree they are impulsive (53%),
compared to just under a third (32%) of
all GB adults. They are also less likely to
consider themselves financially secure
and have higher levels of agreement
that personal debt is normal and are
more likely to worry they’ll never be
able to save up for a treat day.
Made a purchase using a Buy Now Pay Later in last three months by
attitudes to finance - Net agreement (GB)
80% 80%
69%
70% 70%
59%
60% 60%
53% 52%
50% 48% 47% 50%
40% 36% 40%

32% 32%
30%
30% 30%
20% 20%
10% 10%
0% 0%
I consider myself Financial matters I tend to make I think some personal I’m worried I’ll never
financially secure confuse me impulsive purchases debt is normal be able to save up for
a treat day
GB Nat Rep Made a purchase in the last three months using a BNPL Plan
Finance statement agreement - GB Profiles data
Whilst this may indicate that BNPL consumers in GB find it GB adults aged 18+), compared to 26% in the lower
more challenging to manage their finances, interestingly, a income levels, on a par with the GB nationally
higher proportion fall within the mid income level* (40% of representative population.
those who made a purchase using a BNPL plan vs. 33% of all
*Lower income -less than 75% of the median, Middle income: between 75% and 200% of the median, Higher income:
higher than 200% of the median.

Crypto curiosity
continues to grow
Although nowhere near the involvement consumer interest in cryptocurrencies is
levels that consumers have with mainstream continuing to grow.
banking and finance services, the adoption of
As early adopters increasingly invest in, and
cryptocurrencies is booming across the world.
use cryptocurrencies, YouGov data shows that
Whilst many consumers are parking their money
engagement with digital currencies skews
in cryptocurrencies as investments options,
towards emerging markets with younger
use of cryptocurrencies is growing to include
populations. Our research reveals that in the past
retail, in-game, and peer-to-peer payments.
three months, across the 18 markets surveyed,
In stark contrast to traditional investment
Indonesians owned/held, bought, or paid with
instruments, cryptocurrencies are highly volatile
cryptocurrency the most (17%), followed closely
and considered risky business. Nonetheless,
by India (16%), UAE (15%) and Singapore (13%).
Owned/held, bought, or paid with cryptocurrency in last three

months by country
20% 20%
17%
15% 16%
15% 15%
13%
10% 9% 9% 10%
8% 7% 8% 8% 8%
7%
6% 6% 5% 4% 5% 6%
5% 5%
3%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Owned/held, bought, or paid with cryptocurrency (e.g., Bitcoin, Ethereum, Litecoin, etc.)

In line with the high adoption seen in markets with young populations, younger consumers are driving cryptocurrency growth
globally as well. Whilst consumers from the 18-24 and 25-34 age group had the highest involvement with cryptocurrencies.
Only a minuscule 3% of those aged 55+ had used or invested in digital currencies.
Owned/held, bought, or paid with cryptocurrency in

last three months by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Owned/held, bought, or paid with

cryptocurrency (e.g., Bitcoin, 8% 13% 13% 11% 7% 3%
Ethereum, Litecoin, etc.)
Whilst the adoption for cryptocurrencies is higher among Gen Zs and millennials, looking at YouGov Profiles data provides a
deeper insight into the psyche of cryptocurrency users by exploring their financial attitudes.
Combining YouGov Custom Research and YouGov Profiles data in Singapore, we can see that they have bigger risk-taking
appetites, and are more likely to embrace tech-led innovations and look for profitable ways to invest their money compared to
the Singapore adult population.

Owned/held, bought, or paid with cryptocurrency in last three months by attitudes
to finance - Net agreement (Singapore)
90%
83% 90%
80%
80%
70%
63% 64% 70%
62%
60% 54% 60%
50%
50%
40%
31% 32% 40%
28% 28%
30%
30%
19%
20%
20%
10%
10%
0%
0%
“Cryptocurrencies are “I don’t mind taking “I like to take risks in the “I think when you’re “I look for profitable
the future of online risks with my money” stock market” young it’s fine to be ways to invest money”
financial transactions” in debt”
Singapore total Owned/held, bought, or paid with cryptocurrency in last three months
Finance statements agreed -Singapore Profiles data
In addition, looking at cryptocurrency users by income, they are more likely to be higher earners with almost double the
amount who have owned/bought or paid with cryptocurrency falling in the higher income bracket (30%) compared to 17%
of Singaporean adults. Given they are more likely to be younger, higher earners, they have a longer time horizon before
retirement so they can better absorb potential losses for more risky “new” investments than older, more digitally
adverse consumers.
Owned/held, bought, or paid with cryptocurrency in last three months by

income (Singapore)
Singapore total 32% 37% 17% 13%
Owned/held, bought, or paid with cryptocurrency 28% 36% 30% 6%
Lower income: less than 75% of the median Higher income: higher than 200% of the median
Middle income: between 75% and 200% Prefer not to say/Don’t know
of the median

Consumers are
gradually turning to
‘green’ investments
Across the 18 markets surveyed, only 8% of consumers claimed to have made sustainable investments
in the past three months. Indonesia registered the largest proportion of sustainable investors (18%),
followed closely by India with 16%, whilst an equal proportion of consumers from UAE and China
drove the third largest level of sustainable investments (both 14%).
Made a sustainable investment in last three months by country
20% 20%
18%
18% 18%
16%
16% 16%
14% 14%
14% 14%
12% 12%
10%
10% 10%
8% 8% 9%
8% 8%
8% 8%
6% 6% 6%
6% 5% 6%
5%
4%
4% 3% 3% 3% 4%
2% 2%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Made a sustainable investment (e.g., green bonds, funds that don’t include companies that cause environmental harm,
higher ESG funds, impact investments that generate positive environmental or social impact as well as returns, etc.)

Looking at the data by age, younger generations displayed consumers in the 18-24 and 25-34 age groups had the
more involvement with achieving climate-positive results highest levels of sustainable investments compared to all
with their investment decisions. YouGov data shows that other age groups.
Made a sustainable investment in last three months by age (Global)
Global 18-24 25-34 35-44 45-54 55+

total
Made a sustainable investment

(e.g., green bonds, funds that don’t
include companies that cause
environmental harm, higher ESG
funds, impact investments
8% 12% 12% 10% 5% 3%
that generate positive
environmental or social impact
as well as returns, etc.)
Q: Which, if any, of the following have you done in the last three months? Please select all that apply.
We will delve deeper into sustainable finance in Section 4 of this report: Rethinking the role of money – where we further
explore sustainable finance, and the role Financial Service companies play.

Asia ahead of Western markets in online trading
Globally, 14% consumers stated they have traded trading stocks online (33%). Additionally, a quarter
stocks/shares and other investments using online of consumers in India and Singapore, and one in
platforms or apps in the past three months. When five consumers in China reported trading online in
we look at online trading activity based on markets, the last three months. Among European markets,
Asia is ahead of the curve compared to Western Swedish consumers topped the chart for online
countries. In the last three months, Hong Kong trading (27%), followed by Danish consumers (17%).
registers the largest proportion of consumers

Traded stocks or shares, or other investments using an online investment
platform or app in last three months by country
35% 35%
33%
30% 30%
27%
25% 25%
25% 25%
20%
20% 20%
17% 18%
14% 15% 14%

15% 14% 15%
12%
10%
10% 8% 8% 8% 10%
7% 6%
5%
5% 5%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Traded stocks or shares, or other investments using an online investment platform or app
Turning to age, younger consumers are more likely to trade the young. YouGov data shows that the largest proportions
in stocks/shares using online platforms or apps than older of consumers who traded stocks online fell in the 25-34 and
generations. This is likely due to more tech-savviness, 35-44 age groups. Interestingly 14% of Gen Z (18-24) had
liquidity, and relatively bigger risk-taking appetites among recently traded online against only 10% of those aged 55+.
Traded stocks or shares, or other investments using an online

investment platform or app in last three months by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Traded stocks or shares, or other

investments using an online 14% 14% 17% 17% 15% 10%
investment platform or app

As previously highlighted, the Swedes were more likely than who have adopted trading via online platforms or apps are
consumers in other European markets to have traded stocks considerably more open to taking risks (43%) with their own
or shares, or other investments using an online investment money, compared to the average Swede (24%) and are less
platform or app in the last three months, (27%) almost likely to agree that investing in stocks and shares is too risky
double the global average (14%). (25% vs 36% nationally representative population
in Sweden).
Looking to YouGov Profiles data in Sweden merged with
YouGov Custom Research data, we can see that those
Traded stocks or shares, or other investments using an online investment platform

or app in last three months by attitudes to finance - Net agreement (Sweden)
60% 60%
43%
40% 36% 40%
24% 25%
20% 20%
0% 0%
“I don’t mind taking risks “Investing in stocks and shares
with my money” seems too risky for me”
Sweden total Traded stocks or shares, or other investments using an online investment platform or app
Again, it is worth noting that this more daring nature is Almost six in ten (59%) of them are in the higher income*
supported by being higher income earners allowing them to bracket compared 40% of Swedes and they are less likely to
have more flexibility to absorb any potential losses in trading. be in the lower and mid income groups.
*Lower income -less than 75% of the median, Middle income: between 75% and 200% of the median, Higher income:
higher than 200% of the median.

Which financial
activities are set
to grow?
We have seen that traditional banking products and services such as cash payments and transacting via banks
with physical branches had the largest usage among global consumers in the last three months. However, in the
next twelve months, YouGov data reveals a changing landscape, fuelled by an increase in the adoption of fintech
solutions as well more deliberate decision-making, for example, an increase in Environmental, Social, and
Governance (ESG) investments and those that promote environmental sustainability.

Finance activities undertaken in last three months and plan
to do in the next twelve months (Global)
Done in the last 3 Plan to do in the +/- percentage

Current and Future Finance Activities
months next 12 months point shift
Made a payment using cash 59% 56% -3%
Made a contactless card payment in store using a

52% 51% -1%
credit or debit card

a traditional bank account (i.e., a bank account held 43% 44% 1%
with a bank with physical branches)
Made a payment online using a digital wallet (e.g.,

ApplePay, PayPal, Alipay, etc., rather than entering 42% 40% -2%
your card details)
Made a contactless mobile payment in store using

a digital wallet (e.g., using a mobile phone, a
26% 29% 3%
smartwatch, etc., rather than using a physical
bank card)

a digital-only bank account (i.e., a bank account held
25% 27% 2%
with a bank that is online or app-based only, with no
physical branches)
Made a purchase using a buy now pay later plan (i.e.,

you get the item immediately and pay it off in interest 15% 17% 2%
free instalments over time)
Traded stocks or shares, or other investments

14% 17% 3%
using an online investment platform or app
Owned/held, bought, or paid with cryptocurrency

8% 11% 3%
(e.g., Bitcoin, Ethereum, Litecoin, etc.)
Made a sustainable investment (e.g., green bonds,

funds that don't include companies that cause
environmental harm, higher ESG funds, impact 8% 12% 4%
investments that generate positive environmental
or social impact as well as returns, etc.)
Q: Which, if any, of the following are you likely to do in the next 12 months?

Sustainable investments are likely to see a 4% increase in of consumers in some markets do not understand how
the proportion of global consumers expecting to invest in cryptocurrencies work, global ownership or usage of this
sustainable investments in the next 12 months – the highest block chain-driven payment system is also set to rise by
among any other financial activity, reflecting the increasing 3% in the next twelve months. On the other hand, cash
importance of socially responsible investing payments are set to witness the highest dip in usage -3% as
among consumers. digital payments erode traditional share.
Although (as we will see in Section 3 of this report:

Rethinking the concept of money) a high proportion

SECTION 2
Trust and
understanding in
the changing
financial services
ecosystem

The
importance
of trust
Building trust among its customers is hugely important can help banks and financial services organisations
for banks in particular, since they are responsible for the succeed. For banks and financial services companies to
financial wellbeing, safety, and security of the personal attract and keep their customers, they need to develop
data of all their customers. Consumers also depend on and maintain high levels of trust in the products and
banking services to help them manage and control their services they offer.
current and future financial lives. The financial services
Across the 18 international markets surveyed, traditional
sector still has an image challenge since the 2008 global
banks score the highest level of trust across a range of
financial crisis and building and maintaining trust is an
financial products and services with two thirds of global
essential priority for the industry. Trust in an organisation,
consumers trusting their products and services.
and its products and services create loyalty, and customer
loyalty builds advocacy and goodwill, and these attributes

Trust in financial services (Global)
Traditional banks 24% 42% 24% 6% 4%
Digital wallets 17% 39% 29% 9% 6%
Digital Only Banks 10% 27% 37% 17% 9%
Buy now pay later companies installments over time 9% 27% 37% 16% 11%
Sustainable investments 7% 24% 46% 13% 10%
Cryptocurrencies 4% 12% 31% 24% 28%
Completely trust Somewhat trust Neither trust nor distrust Somewhat distrust Completely distrust
Q: To what extent would you say you trust each of the following financial services
Level of trust in traditional banks is high across all age Beyond traditional banks, digital wallets are the second
groups, ranging from 61% among adults aged 18-24 to 72% most trusted financial service among all global consumers
among the over 55s. Across the regions, traditional banks are (55%), followed by digital only banks (37%) and BNPL
more established than digital financial products and services services (36%). Looking at the data by age, the Gen Z cohort
that have only started to become more mainstream in recent (those aged 18-24) trust digital wallets equally as much
years. Consequently, they have had more time in which as traditional banks, and their trust in all digital financial
to build consumer trust, and people tend to trust services is significantly higher than those aged over 55. This
what they know. audience expect to access banking services instantly, from
anywhere via their smartphones so building and maintaining
The pandemic has disrupted physical interactions, which trust among Gen Zs in a digital financial world may be less
in turn has accelerated digital transformation across many challenging that maintaining trust among those in
industries, including the financial services sector. With the older generations.
growing trend towards digital, coupled with the closure
of high street branches in many markets - fuelled by the Not surprisingly, global adults aged 55+ are significantly more
pandemic - it’s more important than ever for traditional banks likely to trust traditional banks than digital services, and they
to not only focus on maintaining current customers through are also more likely to trust traditional banks than consumers
this digital transition process, but also work to retain trust and in any other age group. Therefore, banks and financial
ensure that customers can get the support they need services providers need to think about how they plan to
when they need it. transfer this hard-earned trust among older
generations online.

Trust in financial services by age - % completely/somewhat trust (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Traditional banks 66% 61% 63% 65% 65% 72%
Digital wallets 55% 61% 61% 60% 55% 47%
Digital only banks 37% 41% 43% 41% 37% 29%
Buy now pay later companies 36% 36% 43% 41% 36% 30%
Sustainable investments 31% 42% 39% 35% 27% 20%
Cryptocurrencies 17% 28% 26% 21% 14% 5%
Cryptocurrencies have the lowest levels of trust overall investments, and this increases to 42% among the Gen Z
across the 18 international markets surveyed (17%). Trust in cohort. The Gen Z generation are likely to play a significant
cryptocurrencies is highest among those aged 18-24 and role in driving demand for sustainable financial products
declines steadily by age, with trust among these Gen Zs, five and services, primarily driven by their desire to consider
times higher than those aged over 55. Whilst only 8% of the investments in line with their environmental and social
global population have made sustainable investments in the values. And trust will be a key factor in driving future
last three months, almost a third (31%) claim to trust these demand for these products and services.

Asia delivers
a trusted
customer base
Looking at the data by country, levels of trust in financial are highest for digital wallets in China and India. Denmark
services are generally higher in Asia. Trust in traditional banks and Spain are the only two markets where there is a higher
is highest in Singapore and Hong Kong, whilst trust scores level of trust in digital wallets than traditional banks.
Trust in financial services - % completely/somewhat trust by country
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Traditional banks Digital wallets Digital only banks
India and Indonesia have the highest levels of trust in digital only banks whilst India and UAE has the highest scores
for sustainable investments.

Trust in financial services - % completely/somewhat trust by country
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
Global total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Cryptocurrencies Buy now pay later companies Sustainable investments

India and UAE are top for cryptocurrencies (both 40%), Trust across the range of financial services is generally lower
followed by Indonesia (33%) and Mexico (24%). The rules in Europe. Spain and Italy scored the lowest scores for trust
and regulations regarding cryptocurrencies vary dramatically in traditional banks, these two countries were two out of only
by country, and for cryptocurrencies to succeed and build three countries (including Denmark), where trust in digital
trust among current and potential users, they need to exist wallets is higher than traditional banks.
within a public policy framework with clear official
rules and guidelines.
Trust is enhanced among engaged consumers

Levels of trust for all financial services grows with increased among those who have used a digital-only bank in the last
familiarity. For example, across all 18 international markets three months (25%), trust in digital only banks increases to
surveyed, 37% of the total global population claim to trust 60%. In addition, among users of digital wallets (26%), trust
digital only banks, and 55% trust digital wallets. However, in digital wallets grows from 55% to 78%.
Trust in financial services - % completely/somewhat trust (Global)
90% 90%
77% 78%
80% 80%
70% 72%
70% 66% 70%
60%
60% 55% 55% 60%
50% 50%
40% 37% 36% 40%

31%
30% 30%
20% 17% 20%
10% 10%
0% 0%
Traditional Digital wallets Digital only banks Buy now Cryptocurrencies Sustainable
banks pay later investments
companies
Global total Users of each service in last three months

The key
drivers
of choice
We have explored the importance of trust in building and maintaining customers within the financial services
sector and identified which areas of banking and financial services are the most trusted. But it is also important
to understand the key priorities to consider when consumers are choosing a financial company, and also the
concerns they may have about using digital financial services.

When choosing a financial company for a new product or surveyed, ‘The safety and security of my money’ is the top
service, there are many factors for consumers to consider. priority (61%). Cybersecurity is central to building trust in
In a changing digital world, consumers are learning to digital financial services and continuous security monitoring
accept a transition to digital services, so the availability of reflects positively on a bank or financial services provider and
easy-to-use and trusted digital banking services will become promotes trust and helps build loyalty.
an expected norm. Across the 18 international markets
Important factors when choosing a financial company (Global)
0% 10% 20% 30% 40% 50% 60%
70%
The safety and security of my money 61%
Low or no fees 58%
Good customer service 57%
Good interest rates 50%
Access to digital banking e.g., apps and online banking 48%
The company's ethical values 27%
The company's stance on environmental sustainability 24%
Attractive incentives to switch / take out a product 23%
Q. Which of the following are important to you when choosing a financial company (e.g., bank, insurance
provider, investment app, etc.) for a new product or service?

Achieving the best possible deal is a key consideration for referrals to others. The relationship finance companies have
the majority of global consumers when choosing financial with their customer has a significant impact on customer
products and services. Low rates or no Low fees ranks 2nd in satisfaction and building trust. Across the 18 international
the financial priority list with 58% considering this important, countries surveyed, Good customer service is the third most
and Good interest rates ranks 4th with 50%. It is hugely important global priority when selecting a bank or financial
important to a bank or financial services organisation that services company.
their customers not only keep coming back, but also make
Many customers prefer in-person contact with banks or other Digital banking services are now part of our everyday lives
financial services companies, particularly when they require which explains why Access to digital banking e.g., apps and
advice, or need support with a product or service. This is online banking is considered important among almost half
particularly true for older generations whose lives have been (48%) of all global consumers. However, whilst consumers
built around physical experiences and human interactions. rate the need for a digital interface important, this should not
However, the pandemic dramatically changed the be an alternative to the option of human interaction when
relationship that consumers have with banks and financial things go wrong!
services, particularly the imposed restrictions relating to
face-to-face support services and the dramatic ‘almost
overnight’ rise of online banking.

Looking at the data by age, whilst younger generations are selection priorities with the exception of Attractive incentives
used to the digital world we live in, a higher proportion of to switch/take out a product and The company’s stance on
over 55’s consider digital services an important consideration environmental sustainability, where the Gen Z cohort scores
when selecting a financial company than in any other age most highly.
category. However, they also score more highly for all the top
Important factors when choosing a financial company by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
The safety and security

61% 50% 52% 58% 63% 73%
of my money
Low or no Low fees 58% 41% 47% 55% 62% 71%
Good customer service 57% 45% 47% 55% 58% 70%
Good interest rates 50% 39% 45% 50% 53% 56%
Access to digital banking e.g.,

48% 41% 45% 47% 51% 53%
apps and online banking
The company's ethical values 27% 27% 25% 25% 26% 31%
The company's stance on

24% 33% 30% 23% 21% 20%
environmental sustainability
Attractive incentives to switch /

23% 24% 26% 26% 25% 19%
take out a product

Looking at the top financial priorities when choosing a Low fees are not the main priority for any of the Asia markets
financial company by country, Safety and Security, Low but dominates the agenda in North America and Scandinavia
fees and Customer Service appear in the top three for most in addition to Spain, Poland, and Australia. The highest score
international markets and at least one of these attributes for Low fees is Canada (71%), followed by Australia (68%)
dominates the priority list for all 18 international markets. and Germany (64%). Canada also registers the highest score
for Customer Service (67%), followed by Australia (65%) and
For Safety and Security, Singapore registers the highest score Mexico (63%). Customer Service scores highest for France
among local consumers (72%), followed by Mexico and GB (58%) and Italy (52%) and UAE (54%) and India (60%).
(both 68%). In Southeast and East Asia, Safety and Security
is the most important factor when selecting a financial
company for all markets with Customer Service a
lower priority.
Important factors when choosing a financial

company by country (Global Top Three)
1st 2nd 3rd

Global total Safety and Security Low fees Customer Service
GB Safety and Security Customer Service Low fees
Germany Safety and Security Low fees Digital banking
France Customer Service Low fees Safety and Security
Italy Customer Service Safety and Security Low fees
Denmark Low fees Customer Service Safety and Security
Sweden Low fees Safety and Security Digital banking
Spain Low fees Customer Service Safety and Security
Poland Low fees Safety and Security Customer Service
US Low fees Customer Service Safety and Security
Mexico Safety and Security Customer Service Digital banking
UAE Customer Service Safety and Security Interest rates
India Customer Service Safety and Security Interest rates
Australia Low fees Safety and Security Customer Service
China Safety and Security Interest rates Customer Service
Indonesia Safety and Security Customer Service Digital banking
Hong Kong Safety and Security Low fees Interest rates
Singapore Safety and Security Low fees Interest rates
Canada Low fees Customer Service Safety and Security

Data security dominates digital finance concerns
A high percentage of global consumers (82%) have some to data safety and security with 43% of global consumers
concerns about using digital financial services such as digital concerned about Too much risk from hackers, and the same
only banks, digital wallets, cryptocurrency, etc. This indicates proportion are Worried that their identity could be stolen.
that the banking and financial services sector has some work The third concern about using digital financial services
to do to build trust and reassure consumers that the digital relates to reliance on ‘digital only’ services, with 42% of global
products and services they offer are in safe hands. The top consumers concerned about only being able to access their
concerns relating to the adoption of fintech solutions relate finances via the internet.

Digital financial services concerns (Global)
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Too much risk from hackers 43%
I worry my identity could be stolen 43%
I couldn't access my money without an internet connection 42%
Not being able to easily speak to a person if there's a problem 40%
Not enough fraud protection 37%
Not enough regulation by governments 27%
They're not as reliable as traditional financial services 23%
I don't really understand them 22%
Other 3%
Don't know 8%
Not applicable - I don't have any concerns in particular 10%
Q. Which, if any, of the following concerns do you have about using digital financial services, e.g., digital only banks, digital
wallets, cryptocurrency, etc., would you say apply to you?

People want people when things go wrong
We have already highlighted the importance of customer consumers aged 55+ score more highly for all other digital
service when selecting a bank or financial services company concerns than those in any other age category.
and this could explain why the fourth highest concern about
using digital financial services is Not being able to easily As the finance sector transitions to the provision of
speak to a person if there’s a problem, highlighted as an mainstream digital services, in order to attract and maintain
issue among 40% of global consumers. This is a particular customers, satisfy consumer needs, and build trust, banks
issue among those aged over 55, where the ability to talk to and financial service companies need to be agile and flexible
someone is the top concern, alongside data security issues. in the products and services they offer and the way they
Whilst younger generations are used to the digital world service their customers. Providing simplicity, education, and
we live in, consumers aged 55+ find the transition from human interaction are key considerations. But ultimately data
traditional, to digital financial services more challenging, security and keeping money safe underpins all concerns
and have heightened concerns about using digital financial relating to the use of digital financial services.
products and services. In fact, our global data shows that

Digital financial services concerns by age (Global)
Global 18-24 25-34 35-44 45-54 55+

total
Any concerns 82% 81% 82% 82% 82% 82%
Too much risk from hackers 43% 36% 36% 41% 45% 51%
I worry my identity could be stolen 43% 34% 36% 41% 44% 51%
I couldn't access my money

42% 37% 38% 40% 43% 47%
without an internet connection
Not being able to easily speak to a

40% 31% 33% 37% 40% 51%
person if there's a problem
Not enough fraud protection 37% 31% 30% 34% 38% 45%
Not enough regulation by

27% 23% 24% 27% 27% 30%
governments
They're not as reliable as

23% 20% 20% 21% 23% 26%
traditional financial services
I don't really understand them 22% 20% 19% 21% 22% 27%
Other 3% 4% 3% 3% 2% 2%
Don't know 8% 9% 8% 8% 9% 7%
Q. Which, if any, of the following concerns do you have about using digital financial services, e.g., digital
only banks, digital wallets, cryptocurrency, etc., would you say apply to you?

Data breach
concerns dominate
the Asian agenda
Looking at the top concerns about using digital their financial services via the internet were highest in
financial services by country, data security issues Mexico and Indonesia (both registering 51%).
including Risk from hackers, Fraud protection and
Stolen identity were the top priority for 14 out of Risk from hackers appeared in the top three for 16 out
18 countries. In Asia, Stolen identity and Risk from of the 18 markets surveyed. Singapore has the highest
hackers is a top priority for every market. Looking at proportion of consumers concerned about hackers
other concerns for using digital financial products (54%), followed by Indonesia and Hong Kong (both
and services, Brits and Danes are most concerned 50%). Reliance on ‘digital only’ services was a top three
about lack of personal contact with GB the highest concern among consumers in 13 out of 18 countries
scoring county (50%). Whilst consumers in Sweden with Indonesia scoring highest (51%), followed by
and US are most concerned about the ability to access Mexico (51%) and GB (48%).
their money via digital only, the highest proportion of
consumers concerned about only being able to access

Digital financial services concerns
by country (Global Top Three)
1st 2nd 3rd

Global total Risk from hackers Stolen identity Internet connection
GB Lack of personal contact Internet connection Risk from hackers

Germany Fraud protection Risk from hackers Internet connection
France Risk from hackers Lack of personal contact Internet connection
Italy Risk from hackers Fraud protection Stolen identity
Denmark Lack of personal contact Internet connection Stolen identity
Sweden Internet connection Stolen identity Risk from hackers
Spain Stolen identity Internet connection Lack of personal contact
Poland Stolen identity Fraud protection Risk from hackers
US Internet connection Risk from hackers Lack of personal contact
Mexico Stolen identity Internet connection Risk from hackers
UAE Risk from hackers Lack of personal contact Stolen identity
India Risk from hackers Internet connection Lack of personal contact
Australia Risk from hackers Stolen identity Lack of personal contact
China Stolen identity Internet connection Lack of personal contact
Indonesia Stolen identity Internet connection Risk from hackers
Hong Kong Risk from hackers Stolen identity Fraud protection
Singapore Risk from hackers Stolen identity Fraud protection
Canada Risk from hackers Lack of personal contact Internet connection
Q. Which, if any, of the following concerns do you have about using digital financial services, e.g., digital
only banks, digital wallets, cryptocurrency, etc., would you say apply to you?

SECTION 3
Rethinking the
concept of money
Earlier in this report we explored the current and the services that will shape the future
financial services landscape identifying the financial landscape. In this chapter we delve
financial services currently used by consumers deeper into the concept of money and explore
globally, how they differ across regions, the global attitudes to a cashless society.
demographic groups with the highest adoption,

Are consumers ready to embrace a cashless society?
As a result of the COVID-19 pandemic, 2020 saw The demise of physical currency has been widely debated,
unprecedented societal and behavioural change which and whilst we have seen digital payments become the
further accelerated the use of digital tools across all norm, our earlier YouGov data revealed that cash is not yet
sectors. Within banking and finance, contactless solutions dead. In 14 of the 18 countries surveyed, cash payments
were integral to reducing infection rates, as people sought are the dominant method of payment. Whilst in France,
physically safe and secure ways of making payments. Poland, Australia and Hong Kong, cash and contactless card
payments are almost at equal levels. In contrast, contactless
card payments surpass the use of physical money in GB,
Looking through the lens of a cashless society in its most Denmark, Canada, and Sweden. GB has the highest
basic form, could we see cards and contactless payments level of contactless card payments out of all
replacing the need to have physical cash? and are international markets surveyed.
consumers ready to rethink the concept of money? and
ultimately, do consumers globally think cash is dead?
Made a cash or contactless card payment in last three months by country
100% 100%
80% 80%
60% 60%
40% 40%
20% 20%
0% 0%
Global total
Singapore
Spain
GB
Germany
Italy
France
Hong Kong
Australia
Mexico
Poland
Indonesia
Canada
India
Denmark
US
UAE
Sweden
China
Made a payment using cash Made a contactless card payment in store using a credit or debit card

Looking to the countries where contactless has overtaken cash payments, Denmark and Sweden display the largest gap
between contactless card payments and cash. In Denmark, more than two thirds of payments were contactless (69%),
compared to just under half of Danes making payments by cash, a difference of 20% points in favour of contactless.
Interestingly, in Denmark where contactless card payments are more popular than cash, almost the equal proportions who
have used contactless card payments made an online payment using a digital wallet (64%) whereas only just under a third
have embraced the use of contactless mobile payments via digital wallet payments in-store (31%).

Asia leading in digital
wallet adoption
In China and India, countries that have been aggressively countries. As previously mentioned, trust plays a key role in
promoting mobile wallets, adoption of digital wallets the adoption of financial services, and we have already seen
outweighs contactless card payment. These mobile first levels of trust in financial services are generally higher in Asia
markets have almost skipped the contactless card adoption and lower in the US. Interestingly in China and Indonesia,
stage and leapt straight to digital wallet adoption. Notably, trust in digital wallets is on a par with trust in traditional
the adoption level in these countries is much higher banking services, with around seven in ten trusting
compared to many of the developed markets such as the GB them equally.
and US despite widespread smartphone adoption in these
Made payments using digital wallets either in-store, or online in last three months
by country
70% 70%
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
Global total
Singapore
Spain
GB
Germany
Italy
France
Hong Kong
Australia
Mexico
Poland
Indonesia
Canada
India
Denmark
US
UAE
Sweden
China
Made a contactless mobile payment in store using a digital wallet (e.g., using a mobile phone, a
smartwatch, etc., rather than using a physical bank card)
Made a contactless mobile payment in store using a digital wallet (e.g., using a mobile phone, a
smartwatch, etc., rather than using a physical bank card)
Focussing specifically on in store mobile wallet adoption appear in the top three for online digital wallet payments,
and online payments via digital wallets, all Asia markets with Denmark in pole position. Interestingly, we have already
register a higher proportion of users than the Global average. seen that Denmark is one of only two markets globally (along
Hong Kong, Singapore, China, and India have the highest with Spain) where there is a higher level of trust in digital
proportion of digital wallet users for in-store payments in wallets than traditional banks.
the last three months. Similarly, Hong Kong and Singapore

Almost one in two globally agree technology will remove the
need for physical cash
To gain a deeper understanding into the adoption of financial India, and UAE (62%, 61% and 60% respectively). In contrast,
technology globally we explored consumer perception in Germany, we see the highest level of variance with the
of a cashless society. Across the 18 markets surveyed, statement as a higher proportion disagree that technology
YouGov data reveals that more than double the amount of will replace the need for physical cash (38%), compared to
consumers globally (47%) agree that ‘Technology will remove those that agree (31%). Of all 18 markets surveyed, Germany
the need to use physical cash’ compared to just over one in is the only country where level of disagreement with this
five (22%) who disagree. A fifth of global consumers (24%) statement is higher than the proportion in agreement.
remain impartial.
Countries that are more open to a cashless society with more
than six in ten agreeing with the statement include Mexico,
Agreement with the statement ‘Technology will remove the

need for us to use physical cash’ - by country
8%
Global total 47% 24% 6% 22%
GB 48% 14% 8% 29%
Germany 31% 21% 10% 38%
France 40% 25% 10% 26%
Italy 48% 23% 9% 20%
Denmark 48% 20% 7% 25%
Sweden 40% 22% 11% 27%
Spain 55% 21% 6% 19%
Poland 39% 31% 11% 19%
US 34% 28% 8% 29%
Mexico 62% 21% 3% 14%
UAE 60% 24% 5% 11%
India 61% 22% 4% 12%
Australia 51% 24% 4% 21%
China 40% 37% 4% 20%
Indonesia 50% 33% 1% 16%
Hong Kong 49% 32% 1% 18%
Singapore 53% 27% 2% 17%
Canada 46% 24% 5% 25%
Agree Neither agree nor disagree Don’t know Disagree
Q: To what extent do you agree or disagree with each of the following statement?

Level of agreement in the statement; ‘Technology will remove agree with this statement than disagree, and over 55s are
the need to use physical cash’ shows less variation by age. A most likely to disagree compared to younger generations.
higher proportion of global consumers in all age categories
Technology will remove the need for us to use physical cash - level of
agreement (Global)
100% 100%
19% 18% 22%

22% 22%
28%
80% 6% 6% 80%
6% 8% 7%
6%
27% 27%
60% 23% 60%
24% 27% 21%
40% 40%
47% 48% 50% 48%

20% 43% 45% 20%
0% 0%
Global Total 18-24 25-34 35-44 45-54 55+
Agree Niether agree not disagree Don’t know Disagree
Q: To what extent do you agree or disagree with each of the following statement?
However, the rise in cashless payments has also presented Building trust is pivotal in the adoption of financial services
new challenges for the industry, most notably around fraud. and as cited in our previous section, trust in digital wallets is
As highlighted in our earlier section, top concerns around not far behind that of traditional banking methods whereas
using digital financial services focussed on the fear of trust in cryptocurrency is somewhere behind.
cybercriminals hacking into their accounts and identity fraud.

The appetite for
Cryptocurrency
Using YouGov Profiles data and YouGov Custom cryptocurrencies. The rules and regulations regarding
Research, we explore the varying levels of engagement cryptocurrencies vary dramatically by country and we see
and interest around digital currencies, and in particular notable differences across the 18 markets surveyed.
Interest in Cryptocurrencies by country
35% 33% 34% 30%

46%
51%
64% 62%
72% 69% 72% 73% 72%
81% 79% 82% 83% 80%
65% 67% 66% 70%

54% 49%
36% 38%
28% 31% 28% 27% 28%
19% 21% 18% 17% 20%
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Global total
Interested in Crypto Not interested in Crypto
Q: How interested, if at all, are you in investing into cryptocurrencies (i.e., a digital currency that can be used to buy goods and
services, but uses an online ledger to secure and track online transactions) within the next five years?

As we have already seen, across the 18 markets in these markets. The highest level of crypto curiosity is
surveyed, Indonesians owned/held, bought, or paid with Indonesia (70%), followed by UAE (67%) and India (66%).
cryptocurrency the most in the past three months (17%), Whereas lower levels of interest fall within the developed, and
followed closely by India (16%) and UAE (15%). So not older markets of Denmark (17%), France (18%) and GB (19%).
surprisingly, we see high levels of interest in cryptocurrencies
Gen Z driving interest in Cryptocurrencies

Younger age groups are more likely to be crypto-curious, expressing an interest in cryptocurrencies (54% in the Gen Z
with more than half of global consumers aged under 34 cohort and 53% younger millennials).
Interest in Cryptocurrencies by age (Global)
Global 18-24 25-34 35-44 45-54 55+

total
Interested in Cryptocurrencies 36% 54% 53% 45% 33% 15%
Not Interested in
64% 46% 47% 55% 67% 85%
Cryptocurrencies
Q: How interested, if at all, are you in investing into cryptocurrencies (i.e., a digital currency that can be used to buy goods and
services, but uses an online ledger to secure and track online transactions) within the next five years?

We have already seen that younger generations have higher Brits agree with the statement ‘I don’t mind taking risks with
levels of trust in cryptocurrencies, and lower levels of trust my money’, increasing to a third among 18–34-year-olds.
in traditional banking compared to consumers in other age Agreement declines with age, with only 12% of over 55’s
categories. Furthermore, they are more likely to take risks. reluctant to take risks with their finances. YouGov Profiles
YouGov Profiles data in the US and GB shows that older age data in the US mirrors this pattern, although propensity for
groups are more risk averse with their finances and younger consumers to take risks across all age categories is higher in
demographics more likely to embrace risk. In GB, 22% of the US compared to GB.
‘I don’t mind taking risks with my money’ by age - Net agreement (GB and US)
45% 42% 43% 45%
40% 40%
36%
35% 33% 33% 35%
30%
30%
29% 30%
26%
25% 25%
22%
20%
20% 18% 20%
15% 12% 15%
10% 10%
5% 5%
0% 0%
GB and US total 18-24 25-34 35-44 45-54 55+
GB US
Finance statements agreed with - GB and US Profiles

This openness to taking risks with their money makes them more open to
experimenting with new cryptocurrencies, but do they understand what they are
investing in?
Again, looking to the YouGov Profiles data in the US and Comparing YouGov Profiles data in Indonesia, a county
GB, we see high levels of consumers stating they don’t really where we have previously seen higher levels of interest in
understand cryptocurrency. Whilst the over 55’s are more cryptocurrency with seven in ten Indonesians (70%) stating
likely to agree they don’t understand cryptocurrency, high an interest, we see more than half of Indonesians (54%) lack
proportions of 18-24’s are equally confused. However, we a clear understanding of crypto. However, this confusion is
must note that within these countries there was lower levels relatively stable across all age groups.
of interest overall compared to their Asian counterparts.
I don’t really understand cryptocurrency’ - Net agreement by age

(GB, US and Indonesia)
90% 90%
80% 80% 80%

74% 75%
71% 72% 72%
68% 70%
70% 67% 70%
64% 63%
62%
60% 58% 59% 60%
55% 55% 54% 55%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
Total 18-24 25-34 35-44 45-54 55+
GB US Indonesia
Finance statements agreed with: GB, US and Indonesia Profiles
Whilst overall trust is low for cryptocurrencies, trust younger consumers driving the adoption of cryptocurrency it
doubles among those who have embraced (taken out is likely we will see further growth in future as awareness and
cryptocurrencies) and with younger populations and understanding grows.

SECTION 4
Rethinking the
role of money –
making sustainable
financial choices
Are consumers
considering the
sustainability of
their finances?
Consumers are increasingly altering their lifestyles to make though finance is not a mainstream category associated
more environmentally conscious choices. Whilst some of with environmental sustainability, for about a quarter
the most popular ways of supporting sustainability include of consumers (24%), a financial company’s stance on
making changes to diet and lowering energy consumption, environmental sustainability is a key factor when selecting
doing business with companies fostering sustainability is them, and 27% consider a company’s ethical values
gradually gaining importance. important when making a choice.
As previously mentioned, there are many factors important

to consumers when choosing a financial company. Even
Factors important when choosing a financial company
0% 10% 20% 30% 40% 50% 60% 70%
The safety and security of my money 61%
Low or no fees 58%
Good customer service 57%
Good interest rates 50%
Access to digital banking e.g., apps and online banking 48%
The company's ethical values 27%
The company's stance on environmental sustainability 24%
Attractive incentives to switch / take out a product 23%
Not applicable - Nothing in particular 7%
Don't know 6%
Other 2%
Q: Which of the following are important to you when choosing a financial company (e.g., bank, insurance provider, investment
app, etc.) for a new product or service?

Emerging markets lead the demand for sustainable choices
Interesting insights emerge when we explore the (38%), and China (32%). In India, one in four also consider
importance of ethics and sustainability in choosing business ethics important when selecting a financial
a financial company by different markets and age. company – the highest among all other markets. The high
Consumers in emerging Asian markets are much more figures from emerging Asian markets could be attributed
likely to choose a financial company based on ethics to the large proportions of Gen Z and millennial consumers
and eco-sustainability stance. Indonesia has the highest who are much more environmentally conscious than their
proportion of consumers who consider an organisation’s previous generations.
environmental stance important (41%), followed by India
Factors considered important when choosing a financial company
Company's stance on environmental

Market Company's ethical values
sustainability
Global total 27% 24%
Indonesia 29% 41%
India 40% 38%
China 23% 32%
UAE 36% 31%
Australia 37% 30%
Mexico 35% 28%
Canada 31% 25%
GB 27% 24%
Italy 22% 24%
Singapore 40% 23%
Sweden 15% 22%
Hong Kong 27% 21%
Spain 31% 20%
Denmark 23% 19%
US 27% 18%
France 19% 17%
Germany 15% 16%
Poland 20% 16%
Q: Which of the following are important to you when choosing a financial company (e.g., bank, insurance provider, investment
app, etc.) for a new product or service? Please select all that apply.

Looking at the data by age, global consumers aged 18-34 ethical values when choosing a financial company. It is
are more likely to seek out sustainability-oriented financial crucial for financial companies to view the 18-34 age group
companies than those in other age groups. Furthermore, as an important customer base as they have increasing
a higher proportion consider a company’s stance on earning spending capacities as well as a strong influence on
environmental sustainability to be more important than market trends.
Factors important when choosing a financial company by age (Global)
40% 40%
33%
31%
30%
30% 27% 27% 30%
24% 25% 25% 26%
25%
21%
20%
20% 20%
10% 10%
0% 0%
Global total 18-24 25-34 35-44 45-54 55+
The company’s stance on environmental sustainability The company’s ethical values
Q: Which of the following are important to you when choosing a financial company (e.g., bank,
insurance provider, investment app, etc.) for a new product or service?

Do consumers think financial services companies have a role to play in helping the
world become more sustainable?
Apart from sustainability changes consumers are making consumers, who are strong advocates of sustainability and
at individual levels, their investment decisions in the take well-educated actions to play their part, dominate these
financial sector can play a crucial role in driving far-reaching markets. Globally, younger generations are also most likely
sustainability-led outcomes. The highest percentage of to agree with this statement. About half of consumers in
consumers who agree with the statement ‘Financial services the 25-34 (49%) and 35-44 (48%) age categories believe
companies have a significant role to play in helping the that financial services companies have a key role to play in
world become more sustainable’ are from emerging markets promoting sustainability.
including India (66%), Indonesia and UAE (58%). Young
“Financial services companies have a significant role to play in helping the world
become more sustainable” - Net agreement by country
70% 66% 70%

61%
58% 57%
60% 60%
53% 54%
50% 51% 50%
50% 50%
44% 43% 44%
40% 38% 40%

32% 35% 33%
31%
30% 30%
23% 23%
20% 20%
10% 10%
0% 0%
Global Total
GB
Germany
France
Italy
Denmark
Sweden
Spain
Poland
US
Mexico
UAE
India
Australia
China
Indonesia
Hong Kong
Singapore
Canada
Percentage of consumers who agree
Q: To what extent do you agree or disagree with each of the following statements?

Younger consumers drive demand for sustainable investments
Whilst the adoption of sustainable investments is currently their investments are made – impact the uptake of ‘green’
low, younger consumers are driving ‘green’ actions. The financial products. Possibly, a strong, lingering perception
25-34 age group are early adopters and lead the adoption of that sustainable investments come with both higher fees and
‘green’ products. Consumers from the Gen Z cohort closely weaker returns than more traditional investments deter older
follow their preceding generation. Those age 55+ have made consumers’ adoption. They may also feel there is higher risk
the least investment in ‘green’ products. A range of different and perceived financial sacrifice to invest sustainably as they
factors – including the rates, fees, and projected returns are drawing closer to their retirement age.
consumers are likely to earn by changing how and where
Actions taken to increase the sustainability of your finances by age (Global)
Global
18-24 25-34 35-44 45-54 55+
total
Taken out a “green” product (i.e.,

products that fund projects that
16% 23% 23% 19% 13% 7%
have positive environmental and/or
climate benefits, e.g., green bonds)
Asked that your money is not invested

in specific sectors (e.g., the fossil fuel
14% 19% 21% 15% 11% 7%
industry, companies that undertake
animal testing, etc.)
Taken out an “impact” investment

product (i.e., investments made with
the intention to generate positive, 15% 23% 24% 19% 12% 6%
measurable social and environmental
impact alongside a financial return.)
Q: Thinking about your savings, investments, and/or pension products, have you ever done any of
the following to increase the sustainability of your finances?

Turning to YouGov Profiles data in the Great Britain, we environment’, this increases to almost two thirds among
can see that younger age groups are willing to pay more 18–24-year-olds (65%). This generation are also more
for sustainable products and try to align themselves with likely to agree with the statement; ‘I try to buy only from
companies that are socially and environmentally responsible. companies who are socially and environmentally responsible
Whilst, more than half of Brits, agree with the statement ‘I (48%) compared to only 38% of the total GB population.
don’t mind paying more for products that are good for the
Attitudes to buying sustainable products - Net agreement by age (GB)
70% 70%
65%
61%
60% 58% 60%
56% 53%
48% 49%
50% 50%
42%
40% 38% 37% 40%
35%
32%
30% 30%
20% 20%
10% 10%
0% 0%
GB total 18-24 25-34 35-44 45-54 55+
“I don’t mind paying more for products that are “I try to buy only from companies who are
good for the environment” socially and environmentally responsible”
Environmental statements agreed with GB and US Profiles

Summary
The rate of transformation and fragmentation of the financial services industry is unlikely to slow anytime soon.
Instead, it is only likely to further accelerate as traditional industry players rush to evolve their business models
and product portfolios to defend their market share from the proliferation of new market entrants and
product innovations.

Trust and innovation
dichotomy
As our report has highlighted, one of the key challenges To do this, emerging providers need to have a clear
facing the industry is that a dichotomy now exists between understanding of consumer behaviours, and identify
trust and innovation. The traditional retail banking providers which markets and audiences are most likely to adopt their
who have had time to build consumer trust over many products. They also need to be aware of the barriers to
decades now need to innovate and adapt at speed to usage, and the messaging that may help to drive audience
keep pace. share - particularly among those that may switch from
traditional providers.
On the other hand, for new market entrants, the primary
challenge is to build trust with consumers, and swiftly expand
their market share before the traditional retail providers can
pivot to counter the first-mover advantage.
An example of the trust and innovation industry dichotomy is With their higher operating costs, will traditional retail banks
the Buy Now Pay Later market, which flipped the traditional be able to deliver products that have the same meaningful
consumer lending model on its head by generating profits appeal to consumers, specifically offering no cost borrowing?
largely through merchant deals, rather than from consumers If so – and, conversely, if not – what does this mean for the
paying interest on their borrowing. The Buy Now Pay Later future profitability of traditional brands? For newer market
model challenges the traditional credit card and (to a lesser entrants who specialise in this space, the question is how
extent) the personal loan market since it costs the consumer can they leverage their low-cost models to ensure they
less money than traditional borrowing mechanisms. The retain competitive advantage over more trusted traditional
question now for traditional providers is how can they retail providers entering this space? And how can they build
innovate and leverage their currently stronger levels of brand greater trust in both their brands and products?
trust to stave off the erosion of their current market and
audience share from Buy Now Pay Later providers?

Addressing barrier
to entry
As we have already seen from this report, low or no fees is a to adoption, and there is a substantial need for emerging
key consideration for consumers, as is the safety and security providers to overcome this objection to prove that they can
of their money. For digital only banking, payments, and be trusted, and that consumers’ money can be kept secure.
cryptocurrency, a fear of financial loss can act as a barrier
For digital only banking, payments, and cryptocurrency this business models to drive appeal with younger generations.
is first and foremost around the digital security of assets For sustainable investments this is about ensuring that
and knowing that someone will be there to help if things go relative returns on investment are not substantially weaker
wrong. For traditional retail providers entering this space, than those seen for non-sustainable investments – thus
they need to address concerns across multiple age-groups, leading to the perception of having incurred indirect financial
drive adoption among older users whilst future-proofing their loss as a result of making more sustainable choices.

The rise of
sustainable investing
Beyond rates and fees and security linked to digitisation, are also most likely to trust sustainable investments, and
we also see that other pandemic-accelerated trends, such trust will be a key factor in driving future demand for these
as sustainability, are also affecting consumer choices in the products and services. These consumers are the ‘audience
financial services industry and are likely to grow in prevalence of the future’, with high spending capacity, and a strong
in the future. The Gen Z and Millennial generations are driving influence on market trends. Therefore, it is crucial for financial
the adoption of ‘green’ financial products and services companies to recognise the value of this the Gen Z and
and are more likely to seek sustainability-oriented financial Millennial generations and align their products and services
companies than those in any other age category. They with their growing sustainable interests and needs.
YouGov’s global data coverage and expertise

provides an important resource for financial
companies to better understand audiences,
their changing needs, and emerging
innovation adoption. This will help financial
organisations to identify where they should
be focussing their own transformation efforts
and enable them to align their products and
services with the needs of their consumers.

Our Data
The insights in this report are drawn from a recent global Our survey was fielded the week of 15th
YouGov Custom Research survey on the future of financial December – 30th December 2021
services and, specifically, exploring evolving trends in the
The YouGov panel provides a naturally accurate and
financial services industry and the future financial services
representative view of the population. Data is adjusted using
landscape, covering 18 global markets of more than 20,000
a mild weighting team using interlocking demographic
respondents. Our survey results were further bolstered by
characteristics—methodology considered advanced in the
connecting respondent level data to YouGov’s proprietary
market research space. For this report series the following
syndicated data solutions, YouGov Profiles, allowing us to
population representation was used:
merge our respondents and their answers to the 100,000s
consumer attributes that we collect on an ongoing basis for
audience segmentation and profiling.
Region Market Population Sampled Representation Sample Size (n=)
US National representative - 18 years of age + 2,172

North America
Canada National representative - 18+ 1,027
Mexico National (Urban focus) - 18+ 1,051
Great Britain National representative - 18+ 2,017
France National representative - 18+ 1,018
Germany National representative - 18+ 1,062
Spain National representative - 18+ 1,018

Europe
Denmark National representative - 18+ 1,018
Italy National representative - 18+ 1,017
Poland National representative - 18+ 1,006
Sweden National representative - 18+ 1,022
Australia National representative - 16+ 1,018
China National Online - 16+ 1,014
Hong Kong National Online - 18+ 513

APAC
Indonesia National Online - 18+ 1,034
India National Online (Urban only) - 18+ 1,011
Singapore National representative - 18+ 1,063
MEA UAE National representative - 18+ 1,012

Thank you
YouGov is an international research, data and analytics group.
We have been building an ever-growing source of consumer
data for over 20 years, creating the richest and most complete
understanding of your customers’ complex lives. We call it living
data. Understand what 17 million+ registered panel members in
over 55 markets are thinking, on over a million - and growing -
data points. Re-Contact and dig deeper to explore, plan, activate
and track marketing activity with certainty, at speed, every time.
Living Consumer Intelligence.
2022 YouGov PLC. All Rights Reserved
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THE FUTURE OF FINANCIAL SERVICES

04 Section 1: The current global

44 Section 3: Rethinking the concept of money

THE FUTURE OF FINANCIAL SERVICES 02

THE FUTURE OF FINANCIAL SERVICES 03

The current global

THE FUTURE OF FINANCIAL SERVICES 04

Finance activities undertaken in last three months (Global)

0% 20% 40% 60% 80% 100%

Made a payment using cash

Made a contactless card payment in store using a

Received a payment into, or made a transaction from,

Received a payment into, or made a transaction from, a digital-only bank 25%

Traded stocks or shares, or other investments using an online

Owned/held, bought, or paid with cryptocurrency (e.g., Bitcoin, 8%

None of these things

THE FUTURE OF FINANCIAL SERVICES 05

Payment methods used in last three months by country

Made a payment using cash

Made a contactless card payment in store using a credit or debit card

THE FUTURE OF FINANCIAL SERVICES 06

THE FUTURE OF FINANCIAL SERVICES 07

Payment methods used in last three months by age (Global)

Made a contactless card payment

Made a contactless mobile

Made a payment online using

THE FUTURE OF FINANCIAL SERVICES 08

Received a payment into, or made a transaction from, a traditional bank

60% 59% 60%

THE FUTURE OF FINANCIAL SERVICES 09

Received a payment into, or made a transaction from,

Received a payment into, or made

THE FUTURE OF FINANCIAL SERVICES 10

Received a payment into, or made a transaction from, a digital-only bank

45% 43% 45%

THE FUTURE OF FINANCIAL SERVICES 11

Received a payment into, or made a transaction from, a digital-only

Received a payment into, or made

THE FUTURE OF FINANCIAL SERVICES 12

THE FUTURE OF FINANCIAL SERVICES 13

Made a purchase using a Buy Now Pay Later in

Made a purchase using a buy now

THE FUTURE OF FINANCIAL SERVICES 14

40% 36% 40%

Finance statement agreement - GB Profiles data

THE FUTURE OF FINANCIAL SERVICES 15

Owned/held, bought, or paid with cryptocurrency in last three

THE FUTURE OF FINANCIAL SERVICES 16

Owned/held, bought, or paid with cryptocurrency in

Owned/held, bought, or paid with

THE FUTURE OF FINANCIAL SERVICES 17

Finance statements agreed -Singapore Profiles data

Owned/held, bought, or paid with cryptocurrency in last three months by

Singapore total 32% 37% 17% 13%

Owned/held, bought, or paid with cryptocurrency 28% 36% 30% 6%

THE FUTURE OF FINANCIAL SERVICES 18

Made a sustainable investment in last three months by country

THE FUTURE OF FINANCIAL SERVICES 19

Made a sustainable investment in last three months by age (Global)