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FinTech is gaining traction and young, high-income users are the early adopters

Author

Listed:
  • Gulamhuseinwala, Imran

    (EY U.K.)

  • Bull, Thomas

    (EY U.K.)

  • Lewis, Steven

    (EY U.K.)

Abstract

This article presents the findings of new research focused on the consumer adoption of FinTech. FinTech products — financial services products developed by non-bank, non-insurance, online companies — offer alternative ways of accessing a variety of services, from money transfers to financial planning. Adoption is relatively high for such a new category — with 15.5% of digitally active consumers using FinTech products. The projected growth is dramatic: the adoption levels could potentially double in 12 months. FinTech adoption peaks above 40% among digitally active users with high incomes — which means that some of the most economically valuable customers for banks and insurers are already FinTech customers.

Suggested Citation

  • Gulamhuseinwala, Imran & Bull, Thomas & Lewis, Steven, 2015. "FinTech is gaining traction and young, high-income users are the early adopters," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 16-23.
    • Handle: RePEc:ris:jofipe:0084
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    Citations

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    Cited by:

    1. Hasnan Baber, 2020. "FinTech, Crowdfunding and Customer Retention in Islamic Banks," Vision, , vol. 24(3), pages 260-268, September.
    2. Yingying Zhang-Zhang & Sylvia Rohlfer & Jay Rajasekera, 2020. "An Eco-Systematic View of Cross-Sector Fintech: The Case of Alibaba and Tencent," Sustainability, MDPI, vol. 12(21), pages 1-25, October.
    3. Aitken, Mhairi & Ng, Magdalene & Horsfall, Dave & Coopamootoo, Kovila P.L. & van Moorsel, Aad & Elliott, Karen, 2021. "In pursuit of socially-minded data-intensive innovation in banking: A focus group study of public expectations of digital innovation in banking," Technology in Society, Elsevier, vol. 66(C).
    4. Fumiko Hayashi & Ying Lei Toh, 2020. "Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments," Economic Review, Federal Reserve Bank of Kansas City, vol. 105(no.1), pages 1-5, April.
    5. Athanasios Andrikopoulos & Xeni Dassiou, 2024. "Bank market power and performance of financial technology firms," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 1141-1156, January.
    6. Leite, Rodrigo & Mendes, Layla & Camelo, Emmanuel, 2024. "Innovating microcredit: how fintechs change the field," Journal of Economics and Business, Elsevier, vol. 128(C).
    7. Ana Abras & Guilherme G. C. Mattos, 2021. "Get Them While They Are Young," Journal of Financial Services Research, Springer;Western Finance Association, vol. 59(1), pages 97-113, April.
    8. Javier Sada Bittini & Salvador Cruz Rambaud & Joaquín López Pascual & Roberto Moro-Visconti, 2022. "Business Models and Sustainability Plans in the FinTech, InsurTech, and PropTech Industry: Evidence from Spain," Sustainability, MDPI, vol. 14(19), pages 1-21, September.
    9. Hyun-Sun Ryu & Kwang Sun Ko, 2020. "Sustainable Development of Fintech: Focused on Uncertainty and Perceived Quality Issues," Sustainability, MDPI, vol. 12(18), pages 1-18, September.
    10. Mansour Saleh Albarrak & Sara Ali Alokley, 2021. "FinTech: Ecosystem, Opportunities and Challenges in Saudi Arabia," JRFM, MDPI, vol. 14(10), pages 1-13, September.
    11. Henner Gimpel & Daniel Rau & Maximilian Röglinger, 2018. "Understanding FinTech start-ups – a taxonomy of consumer-oriented service offerings," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 245-264, August.
    12. Santiago Carbó-Valverde & Pedro J. Cuadros-Solas & Francisco Rodríguez-Fernández, 2022. "Entrepreneurial, institutional and financial strategies for FinTech profitability," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-36, December.
    13. Rashed Al Karim & Farid Ahammad Sobhani & Md Karim Rabiul & Nusrat Jahan Lepee & Mohammad Rokibul Kabir & Mohammad Abdul Matin Chowdhury, 2022. "Linking Fintech Payment Services and Customer Loyalty Intention in the Hospitality Industry: The Mediating Role of Customer Experience and Attitude," Sustainability, MDPI, vol. 14(24), pages 1-16, December.
    14. Eric Darmon & Nathalie Oriol & Alexandra Rufini, 2022. "Bids for speed: An empirical study of investment strategy automation in a peer-to-business lending platform," Post-Print hal-04397030, HAL.
    15. Paul Handro, 2018. "The Role Of Customer Experience In Retail Banking And The Rise Of Fintechs," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 175-185, February.
    16. Anil Savio Kavuri & Alistair Milne, 2019. "FinTech and the future of financial services: What are the research gaps?," CAMA Working Papers 2019-18, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    17. Barbara Jeanne Slazus & Geoffrey Bick, 2022. "Factors that Influence FinTech Adoption in South Africa: A Study of Consumer Behaviour towards Branchless Mobile Banking," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 8(1), pages 43-64, January.

    More about this item

    Keywords

    FinTech; consumer adoption;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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