Brand reputation, transparent fees drive trust in fintech platforms

Respondents from four SEA countries now somewhat or highly trust fintechs.

Over 8 in 10 respondents from four Southeast Asian countries trust fintech platforms, according to a survey by UnaFinancial, with fees and brand reputation influencing respondents’ opinions.

Over 1 in 4 (29.3%) respondents said that they highly trust fintech platforms, whilst 1 in 2 (55%) said they somehow trust fintechs.

Meanwhile, 15% are neutral and fewer than 1% reported low or no trust, UnaFinancial found.

Amongst the markets polled, Singaporeans had the highest level of trust, at 81.8%. The Philippines had the second highest trust level, at 88.1%.

In the Philippines, brand reputation is especially influential, with 73.8% of respondents from the country saying it affects their trust. They also sought security and fee transparency, and user experience.

Singaporeans, meanwhile, look at transparency of fees and terms, with 60.3% indicating this as one of the main drivers of trust for fintech platforms. Brand reputation only came in third for Singaporeans, whilst security was second.

Vietnam had the highest share of respondents indicating high trust, with 37.2% or 1 in 3 respondents saying the same, and 47.1% indicating that they somewhat trust fintech platforms. Data security is the top factor for trust in fintechs for the Vietnamese, with 76.9% indicating that.

In Indonesia, the trust mix includes a larger neutral segment, with 22.4% saying they have a neutral opinion of fintech platforms. Meanwhile, 29.4% of Indonesians have high trust and 47.1% somewhat trust fintechs. Transparent fees and terms (80%) and data security (76.5%) are the main trust factors for Indonesians.

Factors shaping that trust include security of financial data (71% of respondents), transparent fees and terms (69.6%), and brand reputation (64.5%).