Majority of Brits now using fintech

A majority of UK consumers now use fintech services, but emerging economies are leading the global charge in the sector, new research suggests.

Experts at EY expects fintech adoption to rise further among UK customers as established financial instituions invest in the sector.

Seven in ten Brits are using fintech products, according to the latest EY FinTech Adoption Index, indicating that adoption of financial technology services has become mainstream.

The UK ranked alongside Ireland at 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 fintech providers for different services, with money transfers and payments services continuing to be the most popular.

Tom Bull, EY UK fintech leader, said the UK’s leading position among mature economies 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 in-house development.”