Money FM 89.3 Show
Asked on 06 Nov 2019
Is trust the only factor or are there more things to consider for FinTech companies?
As mentioned on the broadcast, the issue of trust is very present - are people willing to be putting money into things that are digital only (ie only see online)
It is similar to evolution of online shopping - now we all trust that if you buy on Amazon you will get your item but (showing my age) back in the 90s - it wasn't clear who you could trust.
Even for myself, I poke around a lot of different financial products, and while MAS is doing decent job in consumer protection, there is an implied "you must do your own due diligence" in their appraoch when I see stories of IT issues that lead to customers not being able to access accounts - it does mean I close the door on trying those providers