Those who decide to open an online current account today tend to base their choice also on the trends of the fintech market. At the end of 2019 we therefore tried to collect data and information on what were the most developed and significant sectors of this year. The explosion of the Fintech banks, increasingly present in the financial services sector, has led to a remarkable growth for the so-called challenger banks, the credit institutions that offer their services exclusively via app or smartphone. Their great accessibility and low costs have made these banks particularly attractive for young people, freelancers and small and medium-sized businesses.
In 2019, in fact, the Fintech affiliated companies recorded an increase over the previous two years of more than 600%, thanks to new users who have opened an online current account or who have joined these innovative financial products. Furthermore, the projections for the coming months confirm the positive nature of this trend, forecasting growth of up to 100% with regard to the number of users who will become customers of a challenger bank in Italy.
As anticipated, the users most interested in this type of reality are younger than ever. In 2018 Fintech products had the age range of 24 to 30 years as a target; in 2019, this was further expanded to include even the new-age and reaching the threshold of 40 years. The research reveals how, for the younger people, parents often choose these types of accounts, so that they can transfer even more small amounts of money to their children and get them used to managing their savings.
There are many reasons that lead users to open an online current account with the fintech companies. First of all, this type of products can be used through applications and smartphones, secondly, the services and products offered are often very advantageous, with clear costs and easily understood by everyone and include an always active customer support .
If you are looking for an online current account that fits your needs without giving up high security standards, contact our experts.