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 Mindbench.com 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 

Dependent on experience
London
Our client is an inventive, creative communications and culture consultancy with global clients and a start-up culture. Every single project they deliver aims to create a happier, healthier world
Up to £85K + bonus, benefits
London
My client operates globally across a variety of sectors in innovation and transformation consulting. Unconstrained by conventional thinking, this firm has built a successful name amongst clients and
Up to £100K + Bonus, benefts
London
My client operates globally across a variety of sectors in innovation and transformation consulting. Unconstrained by conventional thinking, this firm has built a successful name amongst clients and
£120k plus bonus, benefits
Central London, only limited travel re...
Our client plans to develop a culture change focussed consulting practice and is looking to hire a senior change management consultant with an established change management track record in the market
£41-70,000, dependent on experien...
London
My client is a growing, international consultancy which helps businesses transform their approach to people and optimise their workforces by applying their unique methodology