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

Imran Gulamhuseinwala, Thomas Bull and Steven Lewis
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Imran Gulamhuseinwala: EY U.K.
Thomas Bull: EY U.K.
Steven Lewis: EY U.K.

Journal of Financial Perspectives, 2015, vol. 3, issue 3, 16-23

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.

Keywords: FinTech; consumer adoption (search for similar items in EconPapers)
JEL-codes: G10 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (19)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofipe:0084

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