FinTech are organizations that incorporate innovative business models and technology to enable, enhance and disrupt the financial services market. The sector introduces both “disrupted” services that reshape and challenge conventional products, such as the digital-only branchless banking, and newly invented services now possible because of technological breakthroughs (i.e. peer-to-peer payments and non-bank money transfers).
FinTech adoption rate
Consumer adoption of FinTech companies and products has grown rapidly across Europe. In Russia, FinTech adoption is especially high, with 82 percent of the surveyed people using two or more different FinTech services. This is most likely due to foreign sanctions imposed on major Russian banks. In the Netherlands, Ireland and the United Kingdom (UK), almost three quarters of digitally active consumers had adopted some form of FinTech product in 2019.
Digital-only branchless banking
The London based company Revolut is among the most popular digital-only branchless banking service providers. In 2019, it was in the top five largest venture capital backed FinTech companies in Europe. In the past year, the challenger bank saw its customer base rapidly increase. If the trend continues, the number of Revolut customers is likely to exceed nine million by the end of 2020. This is no surprise taking into consideration that the use of online banking services is widely adopted by UK digitally active population.
Consumer fintech adoption rates in select European countries in 2019
Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Russia, Spain, Sweden, Switzerland, United Kingdom
Survey time period
From February 4, 2019 to March 11, 2019
Number of respondents
27,103 digitally active adults
27 markets worldwide
Method of interview
The source defines adoption rate as: "Percentage of digitally active people who used at least two fintech services in the last six months. The figures show FinTech adopters as a percentage of the digitally active population in each market.
All averages are shown on an unweighted basis.
FinTech includes money transfer and payments, budgeting and financial planning, savings and investments, borrowing and insurance.
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EY. (September 9, 2019). Consumer fintech adoption rates in select European countries in 2019 [Graph]. In Statista. Retrieved December 04, 2023, from https://www.statista.com/statistics/1055338/fintech-adoption-rates-europe-selected-countries/
EY. "Consumer fintech adoption rates in select European countries in 2019." Chart. September 9, 2019. Statista. Accessed December 04, 2023. https://www.statista.com/statistics/1055338/fintech-adoption-rates-europe-selected-countries/
EY. (2019). Consumer fintech adoption rates in select European countries in 2019. Statista. Statista Inc.. Accessed: December 04, 2023. https://www.statista.com/statistics/1055338/fintech-adoption-rates-europe-selected-countries/
EY. "Consumer Fintech Adoption Rates in Select European Countries in 2019." Statista, Statista Inc., 9 Sep 2019, https://www.statista.com/statistics/1055338/fintech-adoption-rates-europe-selected-countries/
EY, Consumer fintech adoption rates in select European countries in 2019 Statista, https://www.statista.com/statistics/1055338/fintech-adoption-rates-europe-selected-countries/ (last visited December 04, 2023)
Consumer fintech adoption rates in select European countries in 2019 [Graph], EY, September 9, 2019. [Online]. Available: https://www.statista.com/statistics/1055338/fintech-adoption-rates-europe-selected-countries/