Azimo research: digital innovation in finance help Europeans save up to GBP 7 billion annually

Azimo research: digital innovation in finance help Europeans save up to GBP 7 billion annually

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Europeans could avoid paying up to GBP 7 billion in financial charges every year thanks to digital innovation helping them better manage their finances, according to international money transfer company Azimo. Company’s new research reveals nearly 90 per cent of consumers in the UK, Germany, Spain and France now use technology to manage their money rather than traditional banking and accounting services. 

Of the 1,000 consumers surveyed in each country regarding their methods of personal financial management, the vast majority (86 per cent) believe new technologies will help them to avoid debt and unnecessary banking charges. In fact, over half (53 per cent) of the respondents believe that innovative financial technology has helped them save up to GBP 100 a year. 
Azimo was established in 2012 and currently offers online money transfers to over 200 countries in 77 currencies, reaching over 5 billion people. In 2015 MCI.TechVentures fund invested in the company, participating in 20-million-USD worth round of financing. Funds associated with MCI have strong exposition on FinTech industry, with stakes in such companies as iZettle, MarketInvoice and Dotpay / eCard.
The new Azimo research was conducted by Censuswide, with 3,693 respondents and 403 migrant workers across the UK, France, Germany and Spain aged 16+ between 03.03.17 - 07.03.15.  The survey was conducted from a random sample of UK, French, German and Spanish adults. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.
The full summary of the research can be found here.

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