For its third biennial Global FinTech Adoption Index, the global EY FinTech team interviewed more than 27,000 consumers in 27 markets. EY examined not only how FinTech has improved and expanded its offerings around the world, but 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.
