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Eleos Unveils Groundbreaking White Paper on Financial Super-Apps
Eleos, a leading digital provider of income protection and life insurance products in the UK, today announced the release of its inaugural white paper, “Financial Super-Apps: Reshaping Consumer Behaviours in the Digital Era” This comprehensive study offers FinTechs valuable insights into the evolving landscape of financial technology and consumer behaviour in the digital era.
The white paper, based on a survey of 1,000 UK adults Eleos conducted in 2024, explores the potential of financial super-apps to reshape personal finance management and transform the fintech landscape. It examines how these all-in-one platforms are poised to disrupt traditional financial services and create new opportunities in the FinTech sector. Some key findings from the research include:
- Generational Divide in Fintech Adoption: The study reveals a clear age-based trend in fintech usage, with 85% of 18-25 year-olds actively using fintech services, compared to just 33% of those aged 59 and older
- Mobile Banking Dominance: 85% of 18-25 year-olds and 83% of 26-42 year-olds primarily use mobile apps for banking, indicating a significant shift towards mobile-first financial services
- Untapped Investment Market: Less than 50% of respondents actively participate in stock and share investments, highlighting a substantial growth opportunity for accessible investment platforms
- Data Security Concerns: 19% of respondents across all age groups cited financial data safety as their primary concern regarding super-app usage, emphasising the need for robust security measures
- Service Expansion Potential: 77% of respondents indicated they would increase super-app usage if offered a broader range of services, pointing to opportunities for diversification and integration of financial products
The white paper also explores the catalytic role of super-apps in fostering innovative business alliances and generating new revenue streams. It highlights how embedded financial services can significantly reduce customer acquisition costs and boost overall business performance.
“Our research clearly shows that we’re at the cusp of a major evolution in personal finance management,” said Kiruba Eswaran, CEO at Eleos. “Financial super-apps have the potential to revolutionise how consumers interact with financial products and services, and our white paper provides crucial insights for businesses looking to capitalise on this trend.”
The study emphasises the need for financial service providers to address key challenges, including data security concerns and building trust among consumers. It also highlights the importance of tailoring services to different age groups and expanding product offerings to meet diverse financial needs.
Eleos’ white paper Financial Super-Apps: Reshaping Consumer Behaviours in the Digital Era” is now available for download. The findings presented in this report offer valuable guidance for fintech companies, traditional financial institutions, and businesses looking to embed financial services into their offerings.
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