FinTech is Gaining Traction and Young, High-Income Users are the Early Adopters

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.

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