Australia makes top 5 in EY FinTech Adoption Index
Australia has more than doubled its fintech adoption since 2015.
Australia has ranked fifth in the EY FinTech Adoption Index, a report that looks at the uptake of fintech amongst digitally active consumers in 20 global markets. The study found that Australia had a fintech adoption rate of 37% amongst digitally active consumers, which is more than double our 2015 result (13%).
Australia finds its place in the top five alongside China, which placed first with an adoption rate of 69%, India (52%), the UK (42%) and Brazil (40%).
EY FinTech spokesperson Rowan Macdonald says that Australia’s increased rates of adoption are due to a few factors.
“Ease of setting up an account and having access to services 24 hours a day, 7 days a week are the top drivers for fintech adoption in Australia. We expect rates of adoption to continue to grow as awareness of innovative products and services builds.”
Interestingly, the rates of adoption are set to continue to grow in Australia, with 43% of Aussies saying they are planning to use fintech products in the future.
The adoption index is measured across five categories: money transfers and payments services, financial planning, savings and investments, borrowing and insurance. On a global scale, money transfers and payments has the highest adoption rate (50%) followed by insurance (24%).
Some interesting trends were also identified when looking at adoption on a global scale:
- More people are aware of fintech (84% compared to 62% in 2015).
- 13% of users are fintech "super users", using five fintech products or more.
- On average, more people have adopted fintech (33% compared to 16% in 2015).
Read the full report here.