In September 2015 EY did an interesting survey about Financial technology adoption. UK was the only European country surveyed but we believe that majority of the results are universal to Europe and many other parts of the world.
EY surveyed more than 10,000 digitally active people in Australia, Canada, Hong Kong, Singapore, the United Kingdom and the United States to better understand the overall rate of FinTech adoption.
The survey showed that 15.5% of digitally active consumers have used at least two FinTech products within the last six months. According to EY: „As awareness of the available products and services increases, adoption rates could double within the year.“
Here is our summary of the key findings from the survey:
• Hong Kong has the highest rate of Financial technology use of all markets surveyed – 29.1%
• Early FinTech adopters tend to be younger, higher-income customers, with adoption concentrated in high-development urban areas
• Out of major urban areas New York has the highest rate of Financial technology use – 33,1%
• Most used FinTech services are Money transfer/Payments (17,6%), Saving/Investments (16,7%), Insurance (7,7%), Borrowing (5,6%)
• The ease in setting up an account was overwhelmingly cited as the top reason for using Financial technology.
• A lack of awareness is the main barrier to FinTech’s adoption – the majority of non-FinTech users claim they don’t know such products exist. Interestingly, trust has not been a major obstacle to Financial technology use.