Fintech spend is rapidly growing. Small banks and fintech startups have recognized the moment for digitization and decided to seize it. According to Business Insider, 79% of banks’ IT spend is focused on digital customer experience. As 71% of millennials find having a banking app “very important”, digital banking apps are obviously the future of banks.
Fintech startups are also getting a lot of attention. CB insights research discovered that during 2019, fintech startups from all over the world raised $33.9 billion across 1,912 deals.
However, even though the demand for digital banking is growing, not all users seem to be satisfied. Business Insider research also discovered that 61% of users would change their bank if it offered a poor mobile banking experience.