The Fintech Effect: Fintech’s Mass Adoption Moment

Can you feel it? Fintech has now reached mass adoption–with 86% of UK consumers using digital apps and services to manage their finances. Download Plaid’s latest report and get the latest insights and expert analysis on fintech’s groundbreaking year.

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86% of UK consumers are now using fintech


79% of UK consumers use payment use cases


45% of UK consumers say saving and investing is a top financial goal in 2022, including 49% of Gen Z and 50% of millennials

About the report

From the use of QR codes to digital banking, the COVID-19 pandemic has accelerated consumer adoption of fintech, particularly when it comes to how people pay. The Fintech Effect, Plaid’s 2021 annual report, found that UK consumers on average use 2.8 fintech products and services, with the average UK user managing 67% of their finances online.

With mass adoption reached, nearly every consumer has experienced fintech. Now, they’re ready to apply it in new ways. Of all the functions available to users, payment services are the most popular fintech use case application amongst UK consumers with 79% stating that they use fintech applications for banking and to pay for goods and services.

Download Plaid’s latest report and get groundbreaking new insights into the future of financial services, including:

  • The impact open banking is having on peoples’ financial lives
  • How fintech use compares between consumers in the US and UK
  • The opportunities for fintech innovators to better meet peoples’ needs
79% of UK consumers use fintech applications for banking and to pay for goods and services.
The Fintech Effect