Ernst & Young Report 64% Fintech adoption rate with India and China leading the way

Steven Zenios12/06/20192min
The report titled “Global FinTech Adoption Index 2019” showed that among the emerging markets, India and China are at the top of the list with an impressive 87% adoption rate. Within the developed markets, the Netherlands is in the lead with 73% followed by the UK and Ireland with 71% each. The report also explains that the higher adoption rate of FinTech services in European markets is due to the open banking system in Europe, which allows consumers to carry out banking from third-party solutions if they are not happy with the bank’s services.

“The FinTech industry in India is rapidly expanding, and the adoption rate is growing faster than anticipated. One of the reasons for strong growth is that traditional financial services companies have entered the fray in a big way” said Mahesh Makhija, Partner and Leader of Digital and Emerging Tech at EY. The increased awareness in India is also due to the government’s plan to decrease the amount of paper currency in circulation, it implemented in 2017.

Globally, an average of 89% of consumers are aware of the existence of in-store mobile phone payment platforms and 82% are aware of peer-to-peer payment systems and non-bank money transfers. Availability of these FinTech services is even more accentuated in both India and China with 99.5% of consumers aware of money transfer and mobile payment services.


According to the report, customer expectations have evolved, and traditional banks, insurance providers and wealth managers are switching to digitally accessible and technology-forward services. Among the factors that encouraged or discouraged users from switching to a Fintech service, the report claims, 27% of the respondents chose a Fintech service for its pricing, while 20% chose services that had a simpler process for opening a bank account. In Japan, France and Chile, trust was the main factor for not choosing a FinTech service over banks.


Insurtech services have also expanded rapidly, with an average of nearly half of global consumers using a premium comparison site, feeding information into an insurance-linked smart device or buying products such as peer-to-peer insurance. Meanwhile, people around the world are increasingly willing to use Fintech services from retailers (45%) and telecoms (44%).


“No longer just disrupters, FinTech challengers have grown into sophisticated competitors, with an increasingly global reach. The interactions between challengers, incumbents and players from outside the financial services industry are forming FinTech ecosystems that are replacing traditional bilateral partnerships” adds Makhija.

Steven Zenios

Steven Zenios is a young author and designer with strong passion. A specialist in web design and development, blogger, author and Blockchain entrepreneur. He is the CEO of Web Theoria, a digital agency based in Cyprus. In the last 10 years, he has vastly improved his knowledge and skills to produce great pieces of work, both in the web design industry and article/blog industry. Contact Steven at +357-22029786 ext: 6120 or by email at [email protected] for editorial related questions.

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