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Comparing financial technology (fintech) companies to legacy financial institutions can invoke an image of David and Goliath. Fintech firms may be small, particularly when compared to the established titans of banking and financial industries, but they’re certainly fierce.
With the use of emerging, often mobile, technology and smart design to provide customized experiences and slick user interfaces, the adoption of fintech has been impressively swift. EY estimates that 15.5 percent of digitally active consumers have used at least two fintech products within the last six months – with rates anticipated to double in the next year.