April 1st, 2022, Fiona Robinson
Four in ten say that cryptocurrencies are the future of online financial transactions
As cryptocurrency continues to gain interest around the world, a new global report by YouGov sheds light on transaction behaviour in Indonesia. The study found that Indonesia not only leads the globe in current transaction behaviour, with one in six online Indonesians having transacted cryptocurrencies in end-2021 (17%), but also surpasses the other surveyed markets in anticipated activity, with a quarter of respondents saying they will do so in the next twelve months (25%).
YouGov’s Global Banking & Finance Report 2022 explores the current global financial landscape, and identifies global adoption of, and trust in, new and emerging financial services like cryptocurrencies, buy now pay later plans, and sustainable investments.
Looking across age breaks, while past and anticipated transaction levels were largely comparable across the different demographics, the biggest jump in activity will be seen among those aged 35-44, with almost three in ten intending to transact cryptocurrencies in 2022 (27%).
The consistent activity across age groups could be attributed to a similarly regular level of interest, regardless of demographic. The report also found that crypto curiosity is highest in Indonesia, with seven in ten being interested in investing within the next five years (72%). Additional data from YouGov Profiles also reveals a strong long-term belief in cryptocurrencies, with four in ten people agreeing that they are the future of online financial transactions (40%).
While curiosity is undeniably high, insights on concerns held toward the digital currency could help enterprises plug the gap between interest and activity. Identity theft is the top worry amongst respondents, with almost six in ten citing it as a concern (57%). Those aged 45-54 are most likely to fear this, with three in four saying so (75%).
Being unable to access their funds without an internet connection (51%) and a perceived high risk of hacking (50%) are the second and third most held concerns, with half holding these worries. Being unable to easily access help in the event of a problem (41%) and insufficient fraud protection (40%) round off the top five concerns held by the online population.
Emma McInnes, Global Sector Head of Financial Services at YouGov, said: “The financial services industry has been undergoing rapid transformation driven by both changing consumer expectations and wider industry fragmentation. We have seen the profound impact that digitisation has had on consumer behaviours and expectations, and the dramatic effect of the pandemic on both technology change and patterns of behaviour.”
“For established financial services providers, this creates a challenge in terms of being able to understand the rate of change, the potential success and longevity of emerging innovation adoption, and where they should be focusing their own transformation efforts. For new market entrants, the challenge sits in keeping ahead of the innovation curve and understanding how to drive consumer adoption before traditional brands can react.”
For more insights and analysis, download the full Global Banking & Finance Report 2022 here.
Methodology:
The insights in the Global Banking & Finance Report 2022 are drawn from a recent global YouGov Custom Research survey on the future of financial services and, specifically, exploring evolving trends in the financial services industry and the future financial services landscape, covering 18 global markets of more than 20,000 respondents. The survey was fielded the week of 15th December – 30th December 2021.
YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data is weighted by age, gender, race, socioeconomic class and city tier to be representative of the adult online population in Indonesia. Learn more about Profiles.