The survey polled 10,000 “digitally-active people” in Australia, Canada, Hong Kong, Singapore, the UK and the US.
Hong Kong had the highest adoption rate (29.1%). The second highest was the US (16.5%), followed by Singapore (14.7%), the UK (14.3%), Australia (13%) and Canada (8.2%).
The most-used service is transferring money (17.6%), followed by savings and investment products (16.7%) such as online stockbroking/spreadbetting, online budgeting/planning, online investments, equity and rewards crowdfunding and peer-to-peer or marketplace lending.
The ease of setting up an account was the main attraction (43.4%), followed by lower fees (15.4%), according to the survey.
The main obstacle to adoption is lack of awareness, the report said. The majority of non-Fintech users (53.2%) claim they don’t know such products exist.
The survey also showed that 15.5% of digitally active consumers have used at least two Fintech products within the last six months.
“As awareness of the available products and services increases, adoption rates could double within the year,” the report said.
“For traditional financial services companies, including banks, insurers and wealth and asset management companies, the risk of disruption is real.”
Hong Kong has the highest rate of fintech use of all markets surveyed