New findings show there is a threefold rise in the uptake of financial technology (Fintech) among Irish consumers.
Fintech is the introduction of financial technology into ordinary financial services like mobile payment. This report by EY looks at Fintech industry as well as the demand that people have for this type of service.
The report indicates that the reason the Irish have taken to Fintech is that they come with attractive rates, it is easy to set up a personal account and they have access to plenty of innovative services.
Adoption in Ireland is driven by increased use of funds transfer as well as payment, insurance, non-bank funds transfer, and peer-to-peer transfer. This technology has also been highly adopted by the young generation, and it is currently at its peak between ages 25 and 34.
This report has also indicated that there is a constant increase in Fintech adoption in all categories, with the exception of borrowing, as income continues to increase. The Irish still consider banks and insurance firms as first contact point when considering a policy of financial product.
However, this report also discovered that consumers are also very willing to look at alternative options, especially where price comparison is concerned.
Fintech is gradually gaining traction within Ireland, which is blurring lines between life propositions and traditional products. Future projections show that an ecosystem-based approach to financial services. Demand for Fintech is growing, which means there are plenty of opportunities to fine-tune Fintech and bring in even more innovations.