Money20/20 Asia: Barclays Global FinTech Insights Survey
By Frankie Elmquist, Eternic
April 30, 2019 – Barclays has released the results of its Global FinTech Insights Survey from Money20/20 Asia. Around 3,500 people from the global financial services community attended the Singapore conference in March over the course of three days. The poll results include feedback from event attendees, exhibitors and industry experts on global and regional financial trends. Here’s an overview of the results:
“Our survey of Money20/20 Asia attendees has revealed that security and collaboration are a major focus for Asia’s FinTech, payments and financial services lead.” — Barclays
The survey results showed that a majority of respondents agreed that security was essential for ensuring good user experience and customer loyalty. An even larger majority felt they should invest more in supporting their cybersecurity efforts.
Innovation Through Collaboration
Barclays reports that “partnerships with external organizations” scored highly and was cited as “the most popular” response on how to improve productivity. Additionally, a majority indicated that collaboration with the FinTech industry would help support innovation in the payments space.
Regarding the influence Asia will have in driving change, responses showed high confidence. In particular, nearly half of the respondents felt that China would play a key role in the evolution of payments. Additionally, over half cited frictionless payments as essential for retaining customers.
The State of FinTech
In a recent interview with Finextra, Barclays Global Head of Digital Strategy, Megan Caywood, discussed the current state of FinTech, which supports their survey findings. Of particular interest following the Money20/20 Asia event, is their take on whether European banks should follow the Asian ‘platform model’. Watch the interview here:
While the presented findings of the survey do not go into great statistical detail, they do support the overall trend in FinTech and banking industries towards innovation through collaboration. Partnerships would not only be mutually beneficial, but they would provide a faster and more effective way to deliver the benefits of emerging technology to better serve customers. You can read the full report here: Barclays Global FinTech Insights Survey
Barclays also confirmed that they will conduct further surveys at the upcoming Money20/20 events later this year. We look forward to their findings.
To learn more about Money20/20 Asia, read our report:
Money 20/20 Asia: A FinTech’s Perspective
Frankie Elmquist is the Content Manager for Eternic, a new interbank platform. To learn more read: The Fluid Solution for Global Payments and Settlement.