Strategy Note /

Where emerging markets consumers think fintechs need to improve the most

  • We asked 900 consumers to highlight where EM fintechs needed to improve the most for them to engage

  • Top responses: the sign-up process, convenience, transaction execution, platform design and customer education

  • In Indonesia and Kenya trust is a key fintech performance gap. In Brazil and Vietnam, it is the breadth of service

Where emerging markets consumers think fintechs need to improve the most
Rahul Shah
Rahul Shah

Head of Corporate & Thematic Research

Tellimer Research
16 March 2023
Published byTellimer Research

We asked 900 consumers (across 14 emerging markets) to highlight where the fintechs in their country needed to improve the most. Five topics accounted for around two-thirds of responses:

  1. Customer sign-up process

  2. Convenience/ease of use

  3. Transaction execution

  4. Design of platforms/mobile applications

  5. Customer education

Taking a broader view, 28% of the improvement areas relate to convenience, 23% to the customer experience, 17% to the product experience, 16% to trust, and 15% to the breadth of expertise.

EM consumer survey: The areas where fintechs need to improve

How consumers want fintechs to improve differs by market

Indian consumers regard the biggest fintech improvement area to be convenience. Those in Russia think fintechs should focus on the product experience, especially transaction execution. Vietnamese consumers think the customer experience is the biggest area of improvement; in particular, fintechs should enhance the design of their online platforms/mobile applications. The breadth of service is where Brazilian consumers want their fintechs to improve. Indonesians want their fintechs to build trust through better customer education.

EM consumer survey: how fintechs need to improve


72% of Indian fintech consumers' responses matched the top 5 areas of improvement highlighted above. Indian fintech users are mainly looking for improvements to convenience/ease of use and the customer sign-up process. According to our fintech survey, Indian firms also recognise that the area they need to up their game is convenience. So far, fintechs have been more focused on offering economically viable product and service solutions but are now shifting attention to providing a more tailored user experience that customers prefer.

Saudi Arabia

The top 5 areas of improvement accounted for 69% of Saudi Arabia fintech users' responses. Particular areas of required focus include the customer sign-up process and the design of platforms/mobile applications. Only 10% of the fintechs in our Saudi fintech survey said that their focus in the next two years is on developing technology to ease customer onboarding. Potentially, therefore, many fintechs may be channelling their energies in the wrong direction.


Only 54% of Brazilian fintechs' consumer responses matched the top 5 areas of improvement in other EMs. These fintechs should focus more on building trust than their EM peers; currently, they lag both in security and consumer education. We note that cybersecurity is an active area of expertise within the Brazilian ecosystem; fintechs could partner with such firms to better address consumers' concerns.


The five improvement areas mentioned above comprise 57% of survey responses in this market. In contrast to their EM peers, consumers want Chinese fintechs to pay more attention to transaction execution and security. For Chinese consumers, incumbent financial institutions score much more highly for the security of transactions.