EY: FinTech Adoption Doubled Over 18 Months

June 20, 2019

Financial technology [FinTech] adoption among consumers has nearly doubled over the past 18 months, according to the latest EY Global FinTech Adoption Index, and the “adoption rate is growing faster than anticipated. ”

“With the rapid adoption of FinTech, it has now become mainstream as ‘older’ start-ups have matured and incumbents have entered the market,”  said Chris Maiato, EY Advisory Leader for EY’s Bahamas, Bermuda, British Virgin Islands and Cayman Islands region.

“Consumers are changing the way they want to interact with their financial service providers and there continues to be a tremendous opportunity to harness the innovation to augment how providers interact with their customers. The latest FinTech Adoption Index shows that both consumers and businesses are engaged and are adopting the use of FinTech at an increasing rate.”

“We’re seeing this trend in real-time in Bermuda as businesses invest in new technology and innovation to reshape their products and services, to stay relevant and competitive and improve how the they interact with their clients.”

“EY firms interviewed more than 27,000 people to better understand how consumers are interacting with FinTech, and the results are promising. Based on the survey results, money transfer and payments services continue to be the most popular in both awareness and adoption, as only 4% of global consumers are unaware of at least one money transfer and payment FinTech service,” the company explained.

“Small and medium enterprises [SME] are further behind in their adoption journey compared to consumers. When an SME uses FinTech services, they have essentially selected this company as an approved vendor, so 25% is considered high, and the adoption rate is expected to climb. Over one-fifth [22%] of non-adopters already use FinTech services in three of the four categories defined in the survey methodology, which means they are on the verge of becoming FinTech adopters. By this measure, the global adoption rate could surge from 25% to 64%.”

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