Mobile phone app LINE released a research survey to determine if people in Asian countries put much stock in financial technology, on Monday. The survey primarily looked at people in Asian countries such as Japan, Thailand, Taiwan and Indonesia, as well as Korea and western countries such as United States of America and the United Kingdom.
While the survey was largely positive with most respondents being ready to embrace cash-free fintech future, some people preferred to adopt a wait-and-see approach.
The survey stated that across the seven markets, 64% of respondents agreed that financial technology makes planning and managing their finances easier. Trust in financial technology was generally found to be high, with 63% of survey respondents saying they trust the products and services they are currently aware of and a further 30% feeling ambivalent towards them. Trust also appears to increase with youth, with only 55% of those aged 55 and over trusting Fintech, compared with 69% of 18-34s, indicating greater upside potential for Fintech with younger age groups.
However, in all markets surveyed, respondents’ knowledge of the financial technology related services and products currently available to them was relatively low, with less than half considering themselves knowledgeable in this area (44%), rising to 52% among younger audiences (those in the 18-34 age bracket).
Of those products and services that respondents would be most willing to use a mobile or app-based service to access, savings accounts (65%), money/wire transfers (57%), current accounts (48%) and insurance (48%) were the most popular options given. Life insurance (65%), travel insurance (58%) and home insurance (50%) were selected the top types of insurance respondents wanted to access in this way.
Interestingly, the countries such as Thailand, Taiwan and Indonesia all stood out as being particularly interested in a digital financial future. When asked about the prospect of their market becoming “cash-free”, all three answered well above the survey average of 37%: In Thailand, 57% of respondents said they were “excited” about going cash-free, followed by Indonesia at 56% and Taiwan at 52%. Korea also answered positively, at 45%.
Conversely, western countries such as the United States and the United Kingdom stated that they would prefer to stick to traditional forms of finance.
The reason why this survey was conducted by Line is because the company has been at the forerunners of the fintech revolution. Earlier this year, LINE announced that they were all set to launch their own cryptocurrency exchange, BitBox. At the time, Line Chief Executive Officer (CEO) Takeshi Idezawa had said, “LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange. With BITBOX, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security.”
Commenting on the survey, Idezawa said, “LINE is uniquely situated to take advantage of the amazing potential demand for Fintech, particularly in Asia, while also overcoming the various barriers that exist in different markets. From cashless and contactless payments to insurance and investment options, LINE is bringing people closer to the most desirable Fintech products and services.”
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