Seven in ten Brits tap into fintech services
A majority of UK consumers now use fintech services, but emerging economies are leading the global charge in the sector, research suggests.
Seven in ten Brits are using fintech products, according to th elates tEYF in tech Adoption Index, indicating that adoption of financial techno logy services has become mainstream.
The UK and the Irish Republic were joint ninth in the index, as China and India shared top spot with 87 per cent adoption. Russia, South Africa, Colombia, Peru and Mexico all scored more highly than the UK, as emerging markets displayed a higher level of familiarity with fintech services. The UK scored better than countries including France, Germany, Japan and the US.
This is the first year that the study, based on 27,000 online interviews in 27 markets, has included the use of services offered by established banks and non-financial services providers, such as Applepay, rather than just start-ups.
Nearly a quarter (23 per cent) of UK consumers use five or more fin tech providers for different services, with money transfers and payments services continuing to be the most popular.
Tom Bull,EYUKf in tech leader, said the UK’S leading position among m at ureec onomies reflected London’s role as a global fintech hub and its resilience amid broader uncertainty.
He said: “We expect to see increased adoption in the UK as established financial institutions work on more fintech services either through partnerships, acquisitions or inhouse development .”