Revolut, in partnership with Reveal Marketing Research, conducted a study to find out to what extent financial apps and digital money management solutions help Romanians stay in control of their money.
- Digital financial products are becoming increasingly attractive because they simplify everyday life and 1 in 3 respondents state that they would be interested Acquisition of savings accounts and credit cards via a digital platform next year.
- 62% of respondents use money management apps often during a week, while 35% of the population believe this is the case helpful to improve their financial situation and, to a greater extent, fintech Users (43%) vs. non-users (28%).
- 6 out of 10 Romanians use fintech solutions because they are cheaper (58%) and More quickly (57%) than traditional services while they bid reliability and safety (37%).
Fintech awareness and acceptance is growing rapidly among Romanians
Even though fintech is a relatively young financial sector, the recent survey commissioned by Revolut and conducted by Reveal Marketing Research has shown this 78% of Romanians have heard of fintech solutionsand 47% currently use them.
If we take a closer look at the results, we find that the notoriety about fintech solutions at Men aged 25 to 44 yearsand with higher education was higher than the rest of the sample. When it comes to usage behaviorMillennials – under the age of 35 – use fintech digital wallets at a significantly higher rate (56%).
Let’s turn to brands, Revolut is the fintech app with the widest and most loyal community in Romania, with almost 80% of fintech users are Revolut customers and almost half of them have been using the app for at least a year (48%).
Digital financial products as solutions that maintain a balanced life in an unpredictable world
In a context characterized by a lack of predictability, Romanians are more responsible when it comes to managing personal finances. 33% of those surveyed plan to acquire savings accounts via a digital platform in the next year to create additional convenience in their daily lives. Thanks to transparency, speed and easy access to money anytime and anywhere, savings products in all age groups are by far the top priority when it comes to planning additional financial products. Fintech solutions already exist. Above all, women (34%) intend to use fintech to save and millennials (25-34 years, with 37%).
On the other hand, another third of the population intends to maintain and update the desired lifestyle Deciding on a credit card via a digital platform next year (27%) or for one Personal loans (20%). The highest level of interest in personal loan offers is found among 45-55 year old fintech users (23%).
In the case of young Romanians aged 18-24, invest in Cryptocurrency (28%) or Stock exchange (17%) Protecting and/or accumulating money is becoming an increasingly attractive prospect compared to the overall sample (16% and 12% respectively).
Safety-related products such as health insurance, life insurance and private pension schemes are less attractive to GenZers (under 24 years of age). Interest in these categories increases with age, peaking in the 45-55 age group, a normal trend that has not been dramatically altered by the pandemics or inflation. In the group aged 55 and over, interest falls, particularly for pension insurance, as they are likely to realize that it is probably too late for them to save for such a product. Instead, credit cards are among the products that this category would like to add to their financial instruments portfolio in the future (27%).
Interest in cryptocurrencies is highest in the under-24 group. Men are typically between 50% and 100% more interested in risky assets like crypto and trading than women. The gap widens as risk increases, with the largest gap being in cryptocurrencies (22% of all male respondents are interested in crypto versus 12% of women).
The rising interest of younger generations in cryptocurrencies is also highlighted by Revolut data (anonymized and aggregated). By the end of July 2021, the number of users interested in crypto in the 18-24 year old segment increased by 78% compared to the end of July 2021. In terms of growth, their category was followed by the generation of “parents”, 45-54 years, with +57% over the same period. The trend has also been aided by crypto literacy initiatives such as Learn and Earn, a series of courses specifically integrated into the Revolut app to expand customers’ knowledge of cryptocurrencies and blockchain technology. And the courses continue.
Regular use of money management apps is the new “normal” way of doing things in today’s society
62% of respondents Use money management apps (internet banking/mobile banking apps) frequently during a week. while 35% of the population believes this to be the case very helpful in improving their financial situation. The two previous statements were more visible in the case of fintech user vs. non-userwith differences of more than 15% between the segments.
The survey revealed a Age patterns among Romanians behavior and perception in relation to digital solutions for financial management. So while the frequency of use is higher among those under 45 (66%), those over 45 are more likely to believe this is the case very helpful in improving their financial situation (39%).
That main motivations that explain the increasing use of fintech are closely linked to the cost-effective and seamless experience it makes available to its customers. Thus, fintech services are rated as cheaper (58%) and More quickly (57%) than traditional banking, when deploying reliability and safety (37%).
In terms of the reasons why they choose fintech solutions over traditional banking, the data shows it Men are more cost orientedwhile women prioritize more time efficiency. It could also be observed that among those over 55 the reliability and safety that these solutions provide is important to a much greater extent.