Accessability Links
Cookies on our website
By continuing to use this website we will assume you are happy to receive cookies as outlined in our cookie policy
Accept Policy

EY: Fintech moving into the mainstream

Jun 30
Tags: Ernst & Young LLP
Share this story:
EY: Fintech moving into the mainstream

Financial technology (fintech) firms are on the brink of mainstream adoption on a global scale, according to EY.

Often defined as tech firms that use new technologies and innovations to challenge traditional ways of doing things in the financial services sector, fintechs have been steadily growing in size and influence in recent years.

The latest EY Fintech Adoption Index showed that an average of one in three digitally active consumers (33 per cent) across 20 markets now use services from these providers.

That proportion is higher in emerging markets, with China, India, South Africa, Brazil and Mexico reporting average adoption rates of 46 per cent. In China alone, 69 per cent of respondents said they regularly use fintech services.

Among developed markets, the UK leads the way with an adoption rate of 42 per cent.

Looking at specific sectors within the financial services industry, EY found that money transfers and payment services are "continuing to lead the fintech charge", with half (50 per cent) of the consumers surveyed using fintech providers for these purposes.

A substantial majority (88 per cent) of respondents said they anticipate using fintechs to complete money transfers and payments in the future. One of the big factors in this trend is the growth of digital-only banks and mobile payment at retail checkouts.

Fintechs are also having a big impact on the insurance sector, which went from being one of the least commonly used services in 2015 to the second most popular in 2017.

Imran Gulamhuseinwala, EY global fintech leader, said these emerging firms are achieving success by "building on what they do best - using technology in novel ways and having a laser-like focus on the customer".

He added: "It really is now a critical time for traditional financial services companies. If they haven't already, they need to urgently reassess their business models to ensure they are able to meet their customers' rapidly changing needs.

"Disruption is no longer just a risk - it is an undisputable reality."

Search for the latest management consultancy jobs and consulting recruitment opportunities or contact us on +44(0)207 089 9017.

Image: iStock/a-image

Share this story:
Add new comment
Jobs Related to this Post
5 result(s) found 
Page 1 of 1 

Competitive for the best graduates wit...
Central London, limited travel require...
Analysts for Procurement Specialist Consulting Firm - Central London with only 15% travel requiredExceptional to hire the best experienced graduatesLondon based Management Consultancy – Analyst Our
£120k-£150k plus bonus, plus...
Zurich, Germany
Our client are looking for Project Managers with the ambition to lead their projects and help us grow their firm.  They are a boutique management consultancy
£35k-£40k plus 15% plus prof...
London or Zurich
Our client are actively seeking exceptional individuals to join our team as Business Analysts in London. They are a boutique management consultancy. They partner with private equity firms and their
£100k - £120k plus bonus, be...
Central London
The Opportunity An exciting opportunity has arisen for a someone with a keen interest and background in International Trade & Investment to join our client's team
£35k-£45k plus excellent bon...
Central London and North London
FDI Lead Generation Consultants - Central London and North London£35k-£45k plus excllent bonus, benefitsOur client's team is growing and they are on the lookout for a FDI lead generation