Brex and Wise are Solving Growing Pain Points for Employers: Global Employee Reimbursements
The “Going Global” Challenge In today’s post-pandemic world where employees can work from anywhere and companies are more frequently hiring beyond their...
Wise launches Future of Finance report
Today we're launching our report on the Future of Finance: How Technology is Democratising the Financial Services Sector. The report shows that a major shift in consumer banking behaviour across the world can be expected over the next five years. Our research shows that three-quarters of consumers say that they would consider using technology providers for services that they usually use their bank for today.
68% of people have never used a technology provider for any financial service but, in five years’ time, 48% of consumers expect to use a technology provider for at least one service their bank would usually provide. Plus, 32% expect to use a technology provider for 50% or more of their financial needs. In ten years’ time, 1 in 5 consumers anticipate they will trust technology providers for all their financial needs from credit cards to mortgages.
The report surveyed more than 9000 adults from across Europe, North America and Asia Pacific including UK, France, Germany, the US and Australia. Wise also surveyed its own customer base to compare the attitudes of early technology adopters to general consumers. Read the full report here.
Taavet Hinrikus, CEO and co-founder, Wise:
“The world of finance is about to change - for good and for the better. In five years’ time, the financial services sector will look completely different with a host of new providers and innovative new services. In ten years, it will be transformed. The main shift will be in our expectations and behaviour as consumers. Most of us are now happy to use alternatives to banks for more and more of our financial needs.
In five years’ time, some parts of the sector will be almost universally controlled by non-banks; other parts will be a mix. The most important result will be the true democratisation of finance. The nature of the current “bundled” model of banking is fundamentally unfair. But this is changing - and the consumer will benefit.”
Read the full report here.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
Stop The Exchange Rate Ripoff Report
Hidden exchange rate markups estimated to cost Americans $8.7 billion in 2019 Consumers and businesses lose billions every year when they send and spend money...
Welcome to the Wise Q3 2019 Mission Update
We’ve just finished Q3. It’s time for an update on how much closer we’ve got to making our mission of Money Without Borders a reality.
Revealing our 2019 annual report
Our mission has become irreversible, the company financially independent, and adoption continues to accelerate. Thank you - Wise customers - for...
A good financial year - Closer to money without borders
To the Wise community When my co-founder and I launched Wise 7 years ago, we set out to irreversibly fix how money doesn’t work across...
Wise Mission Report Q2 2018
You have made Wise possible. You keep our lights on, so that we can make money move faster and cheaper for you. This is our Q2 report to you.
