EY FinTech Adoption Index

Canadian findings

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Exploring a new financial services landscape

Driven by innovative startups and major technology players, the booming FinTech industry is capturing traditional market share by offering customers easy-to-use and compelling products and services.

We surveyed more than 10,000 digitally active people around the world, including more than 2,000 in Canada, to better understand the overall rate of FinTech adoption, which users are adopting which products, and the outlook for future usage.

 
Gregory Smith - EY Canada - EY Fintech Adoption Index

The FinTech phenomenon.

FinTech products – financial services products developed by non-bank, non-insurance, online companies, are moving in on the traditional financial services landscape and their products and services are catching on. For traditional financial services companies, including banks, insurers and wealth and asset management companies, the risk of disruption is real.

Our survey shows that in Canada 8.2% of digitally active consumers have used at least two FinTech products within the last six months, in the form of money transfers and payments, and savings and investments, in comparison to 15.5% globally. However, if awareness of the available products and services increases, adoption rates could triple within the year.

FinTech adoption at a glance


Why use Fintech?

The top reasons FinTech users give.

Why use Fintech?


Why not use Fintech?

The top reasons non-users give.

Why not use Fintech?


Who are they?

Breakdown of FinTech users by income and age group.

EY - FinTech users by income and age group

 


Current and future adoption in Canada

FinTech adoption is greatest among young, high-income groups

Breakdown of Canadian FinTech users by age and income group, and by current usage and intention to use FinTech in the future.


Key takeaways

All respondents exploring Fintech in the future

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Respondents across all age groups and income levels said they intend to use FinTech in the future

Fintech users predominantly young, high-income earners

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Almost 1/3 of Canadian FinTech users are under the age of 34 and earn more than $150,000

Adoption rate rising fastest among high income earners

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If the respondents earning US $150,000+ act like they say they intend to, 43.3% of that income group may soon be FinTech users, up from 20%

Adoption could triple within the year

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If awareness of the available products and services increases, adoption rates could triple within the year from 8.2% to 24.1%