Global FinTech Adoption Index 2019
For this survey, EY interviewed more than 27,000 consumers in 27 markets. They examined how FinTech has improved and expanded its offerings around the world, and also how it has spurred change across the entire financial services industry. FinTech strives to make financial services more accessible for both consumers and businesses. By connecting customers to a digital world, FinTech enhances their experiences, making them efficient, economical and frictionless.
There are a few key themes in this year’s report:
- No longer just disrupters, FinTech challengers have grown into sophisticated competitors, with an increasingly global reach.
- Many financial incumbents, such as banks and insurers, offer credible FinTech propositions of their own, challenging the question of what is a “FinTech?”
- The interactions between challengers, incumbents and players from outside the financial industry are forming.
- FinTech ecosystems that are replacing traditional bilateral partnerships.
These themes extend beyond the consumer space. Small and medium-sized enterprises (SMEs) are increasingly using FinTech services. These businesses constitute a distinct customer segment, with needs that are different both from those of consumers and those of large corporations. Thus, this report also contains the first SME FinTech Adoption Index—a survey of 1,000 organizations in five markets.
To help bring to life the findings of our surveys, EY conducted interviews with a wide range of FinTechs, including standalone challengers, financial incumbents and non-financial services companies. Their 2017 case studies focused on how FinTech acquired customers and gained market share. This year, their case studies highlight scaling and expansion—and how these organizations are working within a new context for financial services.
They expect some of the newer themes they have identified to accelerate—including the entry of non-financial companies into the FinTech arena and the spread of ecosystems. The pace of innovation continues to accelerate, becoming the “new normal” within financial services. This report contributes to a deeper understanding of FinTech’s evolving role.