SUNDAY, 23 SEP 2018

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2018_728x90px
GloriaJeans_266x90px
IMH LTD

Andromachi Zachariou of Crowe Cyprus receives Global Achievement in Recent ACCA Exams

Guterres 'Eagerly Awaiting' Lute Report on Way Forward in Cyprus

IMH LTD
INB_1000_Eng_03/08-15/11_468x60px

PROFESSIONAL SERVICES

brought to you by PWC

EY: Financial Technology services poised for mainstream adoption on a global scale with 1 in 3 digitally active consumers using FinTech

EY: Financial Technology services poised for mainstream adoption on a global scale with 1 in 3 digitally active consumers using FinTech

Levels of financial technology (FinTech) adoption among consumers has surged globally over the past 18 months and is poised to be embraced by the mainstream, according to the latest EY FinTech Adoption Index. An average of 33% digitally active consumers across the 20 markets in the EY study now use FinTech.

The study, based on 22,000 online interviews with digitally active consumers across 20 markets, shows that the emerging markets are driving much of this adoption with China, India, South Africa, Brazil and Mexico averaging 46%.

China and India in particular have seen the highest adoption rates of FinTech at 69% and 52%, respectively. FinTech firms in these countries are particularly successful at tapping into the tech-literate but financially under-served segments, according to the study.

The UK has also shown significant growth, with adoption rates now standing at 42%.

Payment services and insurance are driving adoption

The EY FinTech Adoption Index evaluates services offered by FinTech organisations under five broad categories – money transfers and payments services, financial planning, savings and investments, borrowing and insurance. It reveals that money transfers and payments services are continuing to lead the FinTech charge with adoption standing at 50% in 2017, based on the consumers that were surveyed. 88% of respondents said they anticipate using FinTech for this purpose in the future. The new services that have contributed to this upsurge include online digital-only banks and mobile phone payment at checkout.

Insurance has also made huge gains, moving from being one of the least commonly used FinTech services in 2015 to the second most popular in 2017, now standing at 24%. According to the study, this has largely been due to the expansion into technologies such as telematics and wearables (helping companies to better predict claim probability) and in particular the inclusion and growth of premium comparison sites.

The study has also identified a new segment of users, the ‘super-user’. These individuals use five or more FinTech services and account for 13% of all consumers. ‘Super-users’ generally consider FinTech firms to be their primary providers of financial services.

FinTech adoption set to increase to 52% globally

The EY FinTech Adoption Index says that FinTech adoption is set to increase in all 20 markets covered by the study. Based on consumers’ intention of future use, FinTech adoption could increase to an average of 52% globally. The highest proportional increases of intended use among consumers is expected in South Africa, Mexico and Singapore.

Spyros Loizou, Head of IT Advisory and Cyber Security Services at EY Cyprus, says:

“The FinTech Industry is thriving and adoption is at an all-time high across the globe and especially in Europe and emerging markets. Consumers are demanding for alternative digital channels to make financial services activities as seamless as possible through innovative uses of emerging technologies. As with the global trends, financial services in Cyprus will need to adopt and embrace change in order to stay relevant and maintain customer proximity through digital channels. FinTech adoption is the only pragmatic option for laser focus, smart and to-the-point financial services offerings, online and through IoT in general. Traditional banks, slowly come to perceive that FinTech initiatives are strategic opportunities rather than a threat. Adoption means banks can focus on banking, while technologists and FinTechs can focus on bringing the customer closer by improving customer experience and facilitating the era of open Banking / open APIs.”

 

MORE ON PROFESSIONAL SERVICES

Accounting Software Firm Big Red Cloud to Expand in Cyprus and Malta

Accounting software company Big Red Cloud has identified Malta and Cyprus as its main new ...

Work Channel: Matching People to Jobs

The Work Channel recruitment agency was founded in Cyprus in 2016 and, since then, has ...

AstroBank Offers Low-Interest Rate Loans to SMEs

AstroBank, in cooperation with the European Investment Bank (EIB), offers low-interest ...

FROM AROUND GOLDNEWS

   

Invest Cyprus Presents Investment Opportunities in Cyprus in view of Brexit

The Cyprus Investment Promotion Agency (Invest Cyprus), presented the investment opportunities that Cyprus can offer in view of Brexit, in an event that took ...
   

First Jack’s Customers Sample New Store

Heavy rain and winds did not deter bargain-hungry shoppers on the opening day of Tesco’s new discount chain, Jack’s, with long queues to enter ...
   

Italy Opens Probe into Ryanair Hand Luggage Charges

Italy's competition watchdog has opened an inquiry into Ryanair's decision to charge people to take hand luggage on to the plane. Antitrust said ...
   

Spehar Highlights Importance of CBMs and Civil Society Involvement in Peace Process

Elizabeth Spehar, the UN Secretary General`s Special Representative in Cyprus and Head of UNFICYP, highlights the importance of trust-building, engaging in ...
   

100 New Employees Join KPMG

Last week, KPMG in Cyprus hosted a Welcoming Event at their offices in Nicosia, for the 100 newly-hired members of staff who joined the Firm’s workforce. ...
   

Andromachi Zachariou of Crowe Cyprus receives Global Achievement in Recent ACCA Exams

Andromachi Zachariou, Staff Accountant of Crowe Cyprus, has scored the highest mark in Cyprus and the 21st position worldwide on the “F8 - Audit and ...
   

Bottega Prosecco Ranks Number Two in Global Travel Retail

According to data from drinks analysts IWSR on Champagne and sparkling wine brands in duty free, the Italian distillery and winery produces one of the ...
   

Rising Exports Push Cyprus Trade Deficit Down in First Half of 2018

Cyprus’ trade deficit dropped by €320,7 million in the first six months of the year, compared to the same period of 2017, as exports rose by ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Vassos_Eliades_31/08-31/12_300x250px
Dale_Carnegie_Transformation_300x250px

IMH LTD