On today’s Business Beat, Jeff discusses the FinTech trend and Detroit’s role in its popularity.
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Good morning! Ever wonder what new technologies Americans are embracing most these days? Well, a recent survey indicates that 72% of Americans indicate that they are active users of social media while 78% of Americans indicate that they are actively enrolled in video streaming subscriptions. But there’s something experiencing even greater adoption today. What is it? It’s a technology sector known as FinTech. More Americans now use some kind of financial technology apps, otherwise known as FinTech apps, so much so that now 9 out of 10 Americans claim to use some form of FinTech app as a component of their own personal financial management activities, ranging from mobile banking and investing to borrowing and even buying and selling cryptocurrency. FinTech is hot. Fueled by the coronavirus pandemic in part, FinTech has now reached mass adoption, according to the annual report by a FinTech startup known as Plaid to further illustrate the dramatic rise of FinTech in the U.S. just one year ago, the adoption level was at just 58% swelling to 88% adoption rate in 2021. So why are consumers embracing FinTech apps at such a dramatic rate? Well, 93% reported that it saved them time, while 81% said it gave them more control over their personal finances. The survey also found that there’s a growing expectation among consumers that their financial institutions better offer them some form of digital features and services. Seventy-six percent even said that they’d switched banks if they didn’t. Now all this adoption of FinTech bodes well for our interests in the Detroit region. Dan Gilbert has made FinTech a specific focus in the growing Detroit technology and startup ecosystem, even launching a trade association known as the Detroit FinTech Association, a nonprofit trade organization formed to highlight the existing culture of technology-driven financial services in Detroit. Just another way Detroit is on the leading edge of what’s hot. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.