Robot Advisers Driving A Banking Revolution

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Silicon Valley is coming for Wall Street. Startups in financial technology—or fintech—are disrupting the industry by solving some of banking’s biggest headaches, particularly in local banking and consumer finance.

EY’s first FinTech Adoption Index report—based on a 2015 survey of over 10,000 digitally active consumers in six countries—found that fintechs “are moving in on the traditional financial services landscape and their products and services are catching on.” According to the survey, 15.5 percent of consumers said they are currently using financial technology products developed by non-bank, non-insurance online companies, and usage is expected to double by the end of 2016.

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