Fintech better meets Americans’ financial needs and provides users with a greater sense of control than legacy financial products.
WASHINGTON, D.C. – The Financial Technology Association today released a new “State of Fintech” survey, conducted in partnership with Morning Consult, assessing the value of fintech to consumers and small businesses. The survey revealed high levels of satisfaction, value, and trust in fintech, particularly compared to legacy financial services providers.
“In today’s digital world, fintech is the essential ingredient powering Americans’ financial lives,” said Penny Lee, President and CEO of the Financial Technology Association. “Our industry continues to deliver easier-to-use, more transparent, and lower-cost financial products that American consumers and small businesses love to use.”
According to the State of Fintech survey, fintech provides clear value to consumers and small businesses, outperforming traditional financial institutions in meeting users’ financial needs.
- Nearly all consumers (96%) and small businesses (98%) report high satisfaction with the fintech products and services they currently use.
- 79% of consumers and 95% of small businesses report that fintech better meets their financial needs and feel a greater sense of control (consumers: 79%, SMBs: 93%) compared to traditional banks.
- User-friendly design tops the list of priorities for consumers (89%) and small businesses (93%). 86% of consumers and 95% of businesses report that fintech improved their financial well-being.
- 94% of small businesses are likely to recommend fintech tools to other businesses in their industry.
Payments are a top use case for both consumers and small businesses, but both audiences engage with multiple fintech products.
- Among consumers, top use cases include payment apps (88%), mobile banking and neobanks (33%), Buy Now Pay Later (26%), investment and wealth management platforms (16%), money transfer and remittance services (14%), and earned wage access tools (10%).
- Among small businesses, top use cases include online payment platforms (93%), digital lending platforms (52%), accounting and bookkeeping software (44%), mobile banking apps (38%), payroll or HR management tools (27%), and invoicing or financing services 17%).
- Most small businesses and a large share of consumers depend on fintech for financial management (81% of consumers and 97% of small businesses).
Fintech is a clear game-changer for small businesses, offering greater flexibility, faster transactions, and broader payment options.
- 94% of small businesses report that fintech enhances operational efficiency and improves the overall financial management of their companies. 90% agree that fintech offers financial tools or services that traditional banks do not provide.
- 70% of small businesses report time and cost reductions from using fintech. 72% of small businesses report that fintech helps them make sales and process customer payments online.
Fintechs earn high marks for trust, driven by transparency and control.
- Overwhelming majorities of respondents report high levels of trust in fintech (85% of consumers and 90% of small businesses). Security and transparency are key drivers of trust, with respondents pointing to clear pricing, user-friendly design, and real-time visibility as motivating factors.
FTA released the State of Fintech survey ahead of its annual CEO Summit: Fintech as the Catalyst for Innovation on June 25, 2025, which convenes top industry, policy, and regulatory leaders to discuss pressing issues in fintech. Morning Consult conducted this poll between May 16 and 24, 2025, among a sample of 2,239 adults (referred to as consumers) and 501 small to medium-sized business decision makers (referred to as small businesses).
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The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.