The partnership imperatives and opportunities for banks and FinTechs
– 30 –
About the study
The study is based on more than 22,000 online interviews with digitally active consumers (i.e. those who use the internet) across 20 markets – Australia, Canada, Hong Kong, Singapore, the UK, the US, Mainland China, India, South Africa, Brazil, Mexico, France, Spain, Switzerland, Germany, Ireland, Japan, Netherlands, South Korea and Belgium/ Luxemburg (considered as one market for this analysis). The study was conducted by EY Sweeney from March to April 2017. In Canada, there were 1,020 respondents.
A regular FinTech user is defined as an individual who has used two or more FinTech services in the last six months.
Following the widespread interest in the first study (2015), the scope and scale of the research has expanded significantly. The 2015 study was based on 10,131 interviews with digitally active consumers across six markets: Australia, Canada, Hong Kong, Singapore, the UK and the US.
Also reflecting the rapid growth and maturation of the FinTech industry, EY’s Adoption Index has grown from the original 10 FinTech services included in the 2015 survey to 17 types of service this year (further details in the table below). Respondents were asked only about services from non-traditional providers, and brand names of established FinTechs in each market were used to aid with comprehension. EY has also broken out one of the categories from the 2015 study, so there are now five categories. To stay consistent in the report, we then recalculated the 2015 results across those five categories.