FinTech adoption rates rose to an average of 64 percent this year according to EY Global FinTech Adoption Index 2019. Emerging markets are leading the way with both China and India at 87 percent. Close behind are Russia and South Africa, both with 82 percent adoption. Among developed markets, the Netherlands (73 percent), the UK (71 percent) and Ireland (71 percent) lead in adoption, reflecting in part the development of open banking in Europe. The FinTech industry in India is rapidly expanding, and the adoption rate is growing faster than anticipated. One of the reasons for strong growth is that traditional financial services companies have entered the fray in a big way. Customer expectations have evolved, resulting in disruption and innovation in the financial services industry. Traditional banks, insurers and wealth managers are disrupting their own propositions by offering digitally accessible and technology-forward services. Findings from the index showed that 27 percent ranked pricing as their top priority while choosing a FinTech service and 20 percent picked the ease of opening an account.

(Moneycontrol)