The latest edition of EY’s FinTech Adoption Index has revealed that one in three consumers using digital technologies uses FinTech.
According to the latest edition of the FinTech Adoption Index, the adoption rate of financial technologies (FinTech) has increased sharply over the last 18 months, with an average of 33% of consumers using digital services in the 20 countries covered by the EY study now using FinTech.
The study, conducted with consumers using digital services and based on 22,000 online interviews in 20 markets, highlights the highest FinTech adoption rates, most notably in China and India, reaching 69% and 52%, respectively. The United Kingdom also recorded significant growth, with adoption rates now at 42%.
The index evaluates the services offered by organisations active in the FinTech sector and classifies them into five main categories: money transfer and payment services, financial planning, saving and investment, borrowing and insurance.
The new services that have contributed to this growth, indicated by the index, include banks that are only accessible online and mobile phone payments at the checkout.
The adoption of these technologies in the insurance sector has also grown sharply, from the sector with the least recourse to FinTech services in 2015 to the second most successful in 2017, now reaching 24%. According to the study, this growth is largely due to the development of technologies such as telematics systems and portable systems, or the growth of quality comparison sites.
Additionally, according to the study, 40% of users of FinTechs regularly use on-demand services, such as food delivery, while 44% of FinTech users contribute regularly to solidarity economy, for instance carpooling. In contrast, only 11% of users who do not use Fintechs regularly use one of these services.
The age group most likely to use FinTechs is millennials, aged 25 to 34, followed by 35 to 44-year olds. Indeed, the study revealed an easier use of technology by this age group as well as its use of a wide range of financial services during the key stages in their lives.
