Europe: consumer fintech adoption rate 2019, by country

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.