CATCHING UP:Consumers are said to be increasingly receptive to online financial platforms, which has legislator William Tseng calling on banks to prepare for changes
Date: Mar 21, 2016
By: Crystal Hsu / Staff reporter
Financial technology (FinTech) adoption among consumers is set to grow rapidly in the coming year, a change that would force traditional financial services companies to overhaul strategies to compete with new market entrants, global auditing firm Ernst & Young (EY) said in a report.
About 15.5 percent of consumers have used at least two FinTech services, or financial services and products developed by online companies, instead of traditional banks or insurance companies in the past six months, according to the report based on a survey of 10,131 digitally active consumers in Australia, Canada, Hong Kong, Singapore, the UK and the US.
“The adoption of FinTech products is relatively high for such a new industry that the risk of disruption is real,” Ernst and Young advisory leader Jon Huang (黃昶勳) said in the report. [FULL STORY]