When Ernst & Young launched the EY FinTech Adoption Index in 2015, the trend towards financial technology was still in its infancy. Pursuing more than 22,000 online interviews across 20 markets, EY finds that one in three digitally active consumers uses two or more FinTech services.
While the average adoption within the surveyed markets is 46 percent, China and India have the highest adoption rates of, respectively, 69 percent and 52 percent. Emerging markets FinTech companies have managed to use technology to suit financially underserved populations. Still, FinTech usage is expected to increase in all 20 markets as non-users adopt FinTech products.
Half of surveyed consumers have used money transfer and payment services. 24 percent use insurance services, which has surpassed savings and financial planning tools, which are now being used by 20 and 10 percent respectively.
FinTech usage is highest within younger consumers: The highest adoption level can be found among customers aged 25 to 34 years. Those are an attractive demographic group because they are digital natives and technology-savvy, while also having the highest need for financial services.