Summary: The EY Fintech Adoption Index
In a study done by Ernst & Young (EY), they created the EY FinTech Adoption Index. This Index aimed to develop a look at the FinTech user base by capturing the level of FinTech adoption among digitally active consumers. The Index gathered information from digitally active consumers through the use of survey and looked at various markets such as in Australia, Canada, Hong Kong, Singapore, the U.K. and U.S. In those six markets, there was a weighted average of 15.5% of digitally active consumers are FinTech users. These FinTech users are consumers who have used at least two FinTech products. Hong Kong has the highest percentage of FinTech users with 29.1% - followed by U.S. and Singapore with 16.5% and 14.7% respectively. (EY, 2016)
FinTech companies
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PwC conducted a survey was conducted to check the potential impact of FinTech on the FS sector and their attitudes to the latest technological developments. A total of 544 respondents were surveyed and was distributed to leaders of the world’s top financial institutions in various segments of the FS industry in 46 countries. One of the questions of the survey asked what the respondents believed to be the parts of the financial sector that are most likely affected by Fintech in 5 years. 80% of the respondents believe that consumer banking was most likely to be affected, while 60% believed that Fund transfer and payments are most likely to be affected. Other areas of disruption include Asset management and Insurance. 74% of the insurance companies agree that their industry is the most disrupted along with 26% of companies of other sectors. (PwC, …show more content…
(PwC, 2016) In a Wall Street Journal Interview with Bruce Wallace, the chief digital officer of SVB Financial Group, stated that it is unclear on what specific agencies regulate FinTech firms. In these regulatory agencies, there are a multitude rules and policies that govern different aspects of FS where it is still unclear on how FinTech companies should adhere to these policies. Additionally, most of these regulations and rules were created pre-mobile, pre-eCommerce, and most importantly pre-Internet. (Elliott,
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