U.S. Consumers Slow to Adopt Fintech

U.S. consumers lag behind the rest of the world when it comes to fintech adoption; the U.S. comes in at 46 percent when the global average sits at 64 percent; India and China lead the way with adoption close to 90 percent; the lack of government support is seen as one of the main reasons the U.S. is falling behind; trust and security are two other reasons fintech adoption is slow as consumers see traditional financial institutions as better options; “There’s certainly a sensitivity over typing in your personal information into an app,” said Mike McCrary, the EVP of E-Commerce and Emerging Technology at Lincoln Savings Bank, to American Banker. “That requires a degree of trust, and the whole idea of data breaches is just so prevalent. Nobody is hardly even surprised anymore when they happen.” Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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