report | 4 Key Themes: fin-tech rising around the world

benefits: mobility, access, speed, value, efficiency, inclusion, ease
January 20, 2019


— the report —

Rapid emergence and evolution. Mass consumer adoption and significant market traction. Strong future growth. These phrases summarize the bright, brief history of fin-techs — from the recent FinTech Adoption Index by firm Ernst + Young.

The report surveys more than 22,000 digitally active consumers — highlighting the impressive, rapid growth in adoption and the variations among 20 different markets. It’s clear that fin-tech has reached a tipping point.

And there will be more growth ahead in 2019. These fin-tech companies are setting the benchmarks for the global industry. They offer attractive, affordable, and valuable services to under-served consumers.

Traditional — and long-established — businesses must compete to “stay in the game.” Classic banks and institutions, credit card companies, lenders, insurance agencies, payment services, investment groups — all branches of the industry will rush to collaborate with on-trend start-ups.

In summary, they must upgrade to stay relevant — as millennial youth rise to control the digital, mobile future with their buying power and influence.

fin-tech products + services benefits | mobility, access, speed, value, efficiency, inclusion, ease



report | astonishing growth of fin-tech

group: Ernst + Young firm
report title: Fin-Tech Adoption Index
deck: The rapid emergence of fin-tech.
year: 2017

read | the report
format: Adobe

Ernst + Young | summary + video: Fin-Tech Adoption Index
for year: 2017



points | from the report
4 key consumer themes.


— no. 1 —

An initial mass adoption of fin-tech in most countries.

The fin-tech firms have gained significant market traction. In innovation adoption terms, fin-techs have reached the key milestone of “early majority.” The fin-tech industry’s success in emerging markets is because it can tap into tech-literate but financially under-served populations. Key findings:

  • consumers using at least 2 fin-tech services: 33% across 20 surveyed markets
  • markets with highest adoption rates: China 69% • India 52%
  • average adoption across emerging markets: 46%
  • evidence of increasing awareness — 84% of customers are aware of fin-tech services • in 2017
  • evidence of increasing awareness — 62% of customers are aware of fin-tech services • in 2015
  • average global fin-tech adoption — 33 % • in 2017
  • average global fin-tech adoption — 16 % • in 2015
  • fin-tech users who prefer digital channels to manage their lifestyle — 64 %
  • non-fin-tech users who prefer digital channels to manage their lifestyle — 38 %

note: 2015 analysis of 6 markets surveyed: Australia, Canada, Hong Kong, Singapore, United States, United Kingdom
note: emerging markets are countries: Brazil, China, India, Mexico, South Africa


— no. 2 —

New services + players are driving higher adoption.

Building on fin-tech’s value opportunities + novel use of tech, the products + services expand their offerings, and attract more customers. New players — including established technology firms — are entering the market. The policy-makers are specifying regulatory frame-works in new areas, paving the way for more services.

  • the most popular category — money transfer + payments • used by 50 % of consumers in 2017
  • the category experiencing rapid growth — insurance services • they’ve reached 24 % adoption across markets

— no. 3 —

Customers of fin-tech prefer using digital channels + tech to manage their lifestyle.

Youth prefer fin-tech products + services, and lack strong relationships with traditional banks or providers.

  • ages with most fin-tech use:  ages 25 -to- 34 — 48 %
  • ages with most fin-tech use:  ages 35 -to- 44 — 41 %
  • super-users — adopting 5+ services: 13 % of all consumers

— no. 4 —

Adoption will gain momentum.

Future adoption rate of fin-tech is predicted to be: 52 % globally

  • markets with highest use intent: South Africa, Mexico, Singapore
  • services with highest expected increase in demand: borrowing + financial planning


list | most used fin-tech products + services


Percent of digitally active customers — who used each product:

money transfer + payments: 50 %

  • online foreign exchange
  • pay via crypto-currency
  • overseas remittances
  • online digital-only banks without branches
  • non-banks to transfer money
  • mobile phone payment at checkout

insurance: 24 %

  • car insurance using telematics
  • insurance premium comparison sites
  • activity-based health insurance

savings + investments: 20 %

  • peer-to-peer platforms for high-interest investments
  • crowd-funding platforms: investments in equity -or- rewards
  • online: investment advice + investment management
  • online: stock brokerage
  • spread-betting

borrowing: 10 %

  • borrowing using peer-to-peer platforms
  • borrowing using online short-term loan providers

financial planning: 10 %

  • online budgeting and financial planning tools

— notes —

* fin-tech = financial technology


[ story file ]

story title: report | 4 Key Themes: fin-tech rising around the world
deck: benefits: mobility, access, speed, value, efficiency, inclusion, ease
year: 2019
posted: by managing editor
section: digest

[ end of file ]