Australians are increasingly tapping into FinTech services

Australia is among six large markets across the globe that have experienced a remarkable jump in the level of financial technology (FinTech) adoption since 2017. Nearly 60% of consumers in Australia now use FinTech services of varying kinds, which is nearly double the figure (37%) of two years ago.

This is according to the latest Global FinTech Adoption Index compiled by Big Four accounting and advisory firm EY, which is based on a survey with 27,000 consumers in 27 markets across the globe. Other major markets that contributed to this jump include Canada, Hong Kong, Singapore, the UK and the United States.

FinTech adoption in these countries stood cumulatively at 16% when EY first compiled the index in 2015, a figure that nearly doubled by 2017 to reach 31%, and has now touched 60%. The global average, meanwhile, has undergone a similar spike over the last four years, having arrived at 64% this year.

For Australia, the adoption rate stands well below the global average at 58%, although the rate of increase represents an improving scenario. Since the start of this year, however, investment in the FinTech space has been considerably low, having dropped by 50% from the same period last year. Nevertheless, the scale and variety of FinTech services in Australia and across the globe appear to be increasing rapidly, making multi-dimensional improvements to the financial world.

Australian firms have been a part of this global drive. Last year, two Australian FinTech firms – AfterPay Touch and Airwallex – were both named by investment firm H2 Ventures among the top 50 FinTech companies across the globe, while five others from Australia were named among the top 100.

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Source: Australians are increasingly tapping into FinTech services