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EY FinTech Adoption Index 2017

The rapid emergence of FinTech

Rapid emergence and evolution. Mass consumer adoption and significant market traction. Strong prospects for future growth. Those few ideas summarize the bright and brief history of FinTechs, as confirmed by the latest EY FinTech Adoption Index. Our most recent survey of more than 22,000 digitally active consumers highlights the impressive and rapid growth in adoption and the variations among 20 different mature and developing markets. There is no doubt FinTech has reached a tipping point.

FinTech usage by market

FinTech adoption rates across 20 markets

(Please select a market for more detailed information)

Notes: The figures show FinTech users as a percentage of the digitally active population. All figures shown in percentages.

*Belgium and Luxembourg
**Hong Kong SAR of China

EY - Fintech Wheel

EY - Fintech Wheel

EY - Fintech Wheel


Four key consumer themes

Unleashing the potential of FinTech in banking

1. FinTech has achieved initial mass adoption in most countries

FinTech firms have gained significant market traction. In the theory of innovation adoption, FinTechs has reached the key milestone of "early majority" adoption. The FinTech industry's success in emerging markets results from their ability to tap into tech-literate but financially under-served populations.

  • Consumers using at least two FinTech services: 33% across 20 surveyed markets
  • Markets with highest adoption rates: China (69%), India (52%)
  • Average adoption across emerging markets: 46%
  • Evidence of increasing awareness: 84% of customers are aware of FinTech services compared with 62% in 2015*
* Analysis considers six markets surveyed in 2015 study: Australia, Canada, Hong Kong, Singapore, the US and the UK.
Unleashing the potential of FinTech in banking

2. New services and new players are driving higher adoption

Building upon the strength of their compelling value proposition and novel use of technology, FinTech firms continue to expand their offerings, which in turn attract more users based on their simplicity, transparency and personalization. New players, including established technology firms, are entering the market. Policymakers are clarifying regulatory frameworks in previously undefined areas, paving the way for more services.

  • Most popular category: money transfer and payments, used by 50% of consumers in the last six months
  • Category experiencing significant growth: insurance services, which have reached 24% adoption across markets
Unleashing the potential of FinTech in banking

3. FinTech users prefer using digital channels and technologies to manage their lives

Unsurprisingly, usage of FinTech products and services is higher among younger consumers. Younger, "digital natives" are the most common users. They have a growing need for financial services and are more likely to consider non-traditional providers (as they often lack strong relationships with incumbents).

  • Age segments with greatest FinTech usage: 25-34 (48%) and 35-44 (41%)
  • Difference between FinTech users and non-users in preference for using digital channels to manage their lives: 26%
  • FinTech "super-users" (adopting 5+ services): 13% of all consumers
Unleashing the potential of FinTech in banking

4. FinTech adoption will continue to gain momentum

FinTech adoption is expected to increase in all markets, with a future adoption rate of 52% globally, as more non-users embrace FinTech.

  • Markets with highest usage intent: South Africa, Mexico and Singapore
  • Services with highest expected increase in demand: borrowing and financial planning

Most used FinTech services

Percentage of digitally active customers who have used each product.
Money transfer
and payments

Online foreign exhange

Pay via cryptocurrency

Overseas remittances

Online digital-only banks without branches

Non-banks to transfer money

Mobile phone payment at checkout


Car insurance using telematics

Insurance premium comparison sites

Activity-based health insurance

Savings and

Peer-to-peer platforms for high-interest investments

Investments in equity crowdfunding platforms and rewards crowdfunding platforms

Online investment advice and investment management

Online stockbroking



Borrowing using peer to peer platforms

Borrowing using on-line short-term loan providers


Online budgeting and financial planning tools

FinTech adoption by the numbers

Market and Sell
Average FinTech adoption globally
(compared with 16% in 2015)*
Engage customers
Average FinTech adoption across emerging markets
(Brazil, China, India, Mexico, and South Africa)
Engage customers
Consumers aware of FinTech (compared with 62% in 2015)*
Market and Sell
Anticipated future adoption rate of FinTech money transfers and payments (up from 50% in 2017)
Engage customers
FinTech users prefer digital channels to manage all aspects of life, compared to 38% of non-users
Engage customers
Consumers are FinTech super-users, regularly using 5 or more FinTech services

*Analysis considers six markets surveyed in 2015 study: Australia, Canada, Hong Kong, Singapore, the US and the UK. All figures have been rounded to the nearest whole percentage for consistency.

About the EY FinTech Adoption Index: Launched in 2015, the EY FinTech Adoption Index is designed to look past the hype and determine actual consumer usage of FinTech services over time. The 2017 study is based on more than 22,000 online interviews of digitally active consumers in 20 markets around the world. Our methodology applies an unweighted averaging of results and uses a “one market, one vote” approach to provide a global, cross-market perspective on themes and trends.

FinTech in perspective: more growth to come