Adoption of financial technology products and services among consumers has grown globally, with users in China and other emerging markets leading the fintech charge, a new study by EY has found.
The consultancy conducted more than 22,000 online interviews with consumers that are active online in 20 markets for its annual FinTech Adoption Index, and found that 33 percent of respondents now use fintech.
Users in China had the highest level of fintech adoption, with 69 percent of respondents regularly using fintech services. Users in India came second at a 52 percent, according to the study published this week.
Fintech companies take advantage of digital technologies to offer cheaper and more user friendly financial services. The wide-ranging term encompasses anything from online lending, to automated financial advice.
While fintech startups have grown in popularity with venture capitalists over the past few years, established financial services companies have largely maintained their dominance.
However, the study found fintech services has achieved “initial mass adoption” in most markets, especially in emerging markets where fintech firms are tapping the digitally-savvy, but traditionally underserved consumers.
Some of the most popular fintech services among those surveyed were money transfer and payments, insurance and savings and investments.
Credit: EY FinTech Adoption Index