FINTECH, once a buzzword is now part of mainstream.
Digital innovation is disrupting and reshaping financial services at a rapid pace, and incumbents and challengers alike need to be attuned to the evolving expectations of their customers, says E&Y in their recent Global Fintech Adoption Index 2019.
It has come to a stage of who can stand out in a crowd for the mass market to adopt the service.
The findings of the survey show that both China and India are leading the way with adoption rates as high as 87%. This is followed by Russia and South Africa, both with 82%.
The most commonly used category is money transfer and payments, with 75% of consumers using at least one service in this category, the findings show.
Fintech strives to make financial services more accessible for both consumers and businesses, and fintech services has moved steadily upward, from 16% in 2015, to 33% in 2017, to 64% in 2019.
Awareness of fintech, even among nonadopters is also high. Globally, 96% of consumers know of at least one alternative fintech service available to help them transfer money and make payments, the report says.
Fintech has also moved from just being a disruptive service that comes up with compelling solutions, enhanced capabilities, convenience, or lower prices and fees.
It has also evolved to invented services, where services did not exist before and with technology and alternative business models, new kinds of services are created.
This survey is the third by E&Y. For this, a total of 27,000 consumers in 27 markets across six continents were interviewed. Ten of the 27 markets this year are emerging markets, a recognition of the leading role many of these emerging markets play in fintech adoption, E&Y says.
The report for the first time contains the first SME fintech adoption Index—a survey of 1,000 organizations in five markets.