FinTech has evolved in significant ways since the publication of the first global EY FinTech Adoption Index in 2015. That year EY observed that FinTech, while nascent, was “clearly more than just hype.” The next report, in 2017, found that the industry had grown rapidly and had “achieved initial mass adoption. This 2019 EY Global Fintech Adoption Index reviews interviews from 27,000 consumers in 27 markets. It examines 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 partnerships.