An interesting look by EY at the consumer adoption across different Fintech services, and in different countries.
Some salient points:
Some salient points:
- Money transfer and payments* tops the list with 50% of consumers using Fintech money transfer and payments services, followed by Insurance at 24%, Savings and investments at 20%, Financial planning at 10%.
- Top 5 countries feature China which tops the list with 69% adoption, India at 52%, UK at 42%, Brazil at 40%, Australia at 37%.
- China, India and emerging markets' high adoption a mark of FinTech firms exceling at tapping into the tech-literate, but financially underserved population, of which there are particularly high ratios in emerging countries.
- Singapore is at 23% adoption, below the average of 33%. The average itself has gone up from 16% in 2015.
Note: The survey sample size is quite small at 22,000 digitally active consumers who have used each product but it does cover 20 mature and developing markets.
* includes a large array of services - Online foreign exchange, Pay via cryptocurrency, Overseas remittances, Online digital-only banks without branches, Non-banks to transfer money, Mobile phone payment at checkout
For the detailed report you need to download the PDF.
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