The State of Fintech: Key Takeaways from the Financial Technology Association Survey

Publicly traded fintechs represent a market capitalization of $550 billion as of July 2023. And, MX research found that 40% of consumers have 3+ finance-related apps on their phone. This is telling to where we are in the industry — consumers are more technologically-savvy than ever before and are using multiple tools to help them fulfill their financial goals.

The Financial Technology Association (FTA) released its June 2025 State of Fintech Survey revealing consumer attitudes towards fintech, top use cases, and the strong role it plays in financial management today.

Here are the key findings from the report and what you should take away:

Ease of Use Wins Every Time

Consumers and small-to-medium-sized businesses (SMBs) have the same priority when selecting their financial tools: ease of use. Fifty-six percent of consumers and 57% of SMB respondents say ease of use tops the list of priorities when selecting a fintech provider. 

These priorities are something that financial institutions and fintechs alike should take seriously — it could be the reason that consumers decide to switch providers. MX research found that 57% of consumers would likely seek out a new provider if their current one couldn’t deliver on their most wanted features. And, our latest research (coming soon) shows that 67% of consumers say they will stop using a mobile app if the experience changes for the worse. Consumers are willing to take action when their accounts don’t live up to their expectations — with 51% of consumers saying they have closed or switched a financial account.

Financial Tools Drive Better Money Management

Financial providers have the opportunity to promote financial wellness across their customer base by equipping them with the right tools. FTA’s report found that fintechs promote better financial well-being for both consumers (86%) and SMBs (95%).

Consumers are stressed about money — MX research shows 51% of consumers say money is their main source of stress. But, at the same time, MX also found that 31% of consumers don’t feel that financial providers do enough to support their financial needs. Financial providers can work with fintechs to offer tools that directly support consumer needs and help them build financial strength — like providing personalized insights into their financial lives.

Payments Made Easy with Fintech

Transactions are a key part of every consumer’s financial life. FTA found that 59% of consumers use fintech to send money to their friends and family on an app, while 64% of SMBs have used fintech for faster payment processing.

As financial providers dive into how their customers are using new financial tools to process payments, there’s an opportunity to help them tie back into broader financial health and money management with data aggregation solutions. With connectivity solutions like MX, financial providers can help consumers see a 360-degree view of their financial picture.