Fintech, or financial technology, is rapidly gaining ground with consumers as a more accessible alternative to traditional payment and banking systems offered by financial firms. As new fintech tools and software emerge to disrupt the established model, financial services are improving, offering enhanced efficiency, speed and accountability.

According to an EY study last year, fintech is growing in popularity, with roughly 15.5% of digitally active consumers using financial tech products -- a figure that was likely to double within 12 months. The United States had the second-highest adoption rate of fintech tools (16.5%), following Hong Kong with 29.1%.