Disruption, innovation and change are rapidly impacting the
financial services industry across the globe, and the Cayman
Islands will need to adapt to ensure the industry is poised for
success in response to this paradigm shift. Not only will we face
dramatic change but financial service providers in Cayman can also
expect to embrace exciting new opportunities.
INNOVATION
There is no question that technology will break tradition as
digital technologies outperform in effectiveness and cost. This
change will be more than just a temporary one. We see FinTech as
one of the most disruptive opportunities — or threats.
According to the EY FinTech Adoption Index, FinTech has achieved
initial mass adoption in most markets. The average percentage of
digitally active consumers using FinTech services has now reached
33% across the 20 markets. Benchmarked to academic theory on
innovation adoption, it suggests that FinTech services have reached
a milestone in being adopted by
