Financial technology is about to go mainstream.
That’s according to the EYFinTech Adoption Index, which finds that fintech adoption among consumers has surged globally over the past 18 months — in the U.S. it’s doubled since 2015 — and an average of 33% of digitally active consumers across the 20 markets in the study now use fintech.
The U.S. has the highest adoption rates within three of the top five fintech categories: financial planning tools, savings and investments, and borrowing.
The index evaluates services offered by fintech organizations under five broad categories: money transfers and payment services, financial planning tools, savings and investments, borrowing and insurance.
According to respondents, money transfers and payment services are at the top of the heap, with adoption standing globally at 50% in 2017; in fact, 88% of consumers anticipate using the technology in the future.
Among U.S. consumers, the current adoption rate is even a tad higher, at 52%. Some of the surge is due to new services, including online digital-only banks and mobile phone payments at checkout.
Insurance is on the rise, too, from being one of the least commonly used fintech services in 2015 to the second most popular in 2017 and rising to 24% globally — although it trails a bit in the U.S., at 20%.