How fintech brands are changing consumer habits in the financial sector

By Joseph Ekeng
The financial world has undergone a dramatic transformation in the past decade, thanks to the rise of fintech brands. These innovative companies are not only reshaping how consumers interact with money but also fundamentally changing financial habits. A recent keynote speech by Josh Chibueze, co-founder and CMO of Piggyvest, at the Moonshot by TechCabal event on October 12 shed light on the profound impact fintech has had on the way people manage their finances.
Chibueze began his talk by highlighting the difficulties people faced in managing their money before fintech’s emergence. “Before fintechs, it was hard to save and manage money. People used to open several bank accounts just to have different savings accounts. Fintech has changed our interaction with money, and a lot of impact has been made,” he stated.
Fintech brands have effectively hacked three key elements: accessibility, control, and flexibility when dealing with money. They have democratized financial services, making it possible for more people to save money incrementally and gain quick access to credit. This financial revolution is not limited to Nigeria and Africa; it has a global reach.
Piggyvest, a standout player in the fintech sector, serves as a prime example of this transformation. Since its launch in 2016, Piggyvest has disbursed over $1.1 trillion, helping individuals secure their financial future. Moreover, fintech companies have played a significant role in reaching unbanked populations and facilitating social donations on a global scale.
Nonetheless, the fintech industry faces its own set of challenges. Regulatory hurdles, fraud, and the critical task of managing customer expectations and trust are obstacles fintech companies must navigate. Chibueze believes that collaboration is the key to overcoming these challenges.
“Collaboration is the way forward and will lead to exponential results. We all have a common problem, and we need to collaborate to solve these problems and create an inclusive financial future for everyone,” he emphasized.
Looking to the future, Chibueze predicts a trend of hyperfocusing within the fintech sector. Fintech brands will increasingly concentrate on addressing specific challenges within the banking and financial sectors, offering innovative solutions to some of the industry’s most pressing issues.
Fintech brands are not merely providing financial services; they are fundamentally altering how consumers engage with money and manage their finances. Collaborative efforts hold the promise of driving further progress in the industry, ensuring an inclusive financial future. The fintech sector’s evolution toward hyperfocusing on specific issues is a promising development that suggests more innovative solutions are on the horizon. As fintech continues to redefine financial habits, the industry remains dynamic and full of potential.


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