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      "text": "The bar is set high for what constitutes an SME FinTech adopter. Companies are actively seeking technology solutions to increase efficiency and lower costs across their business. They are also subject to regulatory requirements in some markets, which necessitate adoption of products and services such as bookkeeping tools for audit and tax purposes, or business liability insurance. FinTech challengers are rapidly becoming reliable vendors for SMEs in these spaces, which have been historically underserved by incumbents.",
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      "text": "FinTech services used by SMEs also differ from those used by consumers. Within the payments category, for example, SMEs use online payment processors and Mobile Point of Sale (mPOS) payment machines to accept payments, while consumers use other services, such as in-store mobile phone payments, to pay for purchases.",
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      "text": "We interviewed senior decision makers at 1,000 SMEs in five countries—two developed countries (the UK and the US) and three emerging countries (China, Mexico and South Africa). Because we asked the respondents to complete an online survey, our analysis is representative of SMEs that are digitally active. We discuss our methodology in greater detail at the end of this chapter.",
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      "text": "The FinTech Adoption Index has tracked the evolution of consumer FinTech toward mainstream adoption and globalization. However, that only tells part of the story. Policymakers, incumbent financial institutions, and FinTech challengers are increasingly interested in small and medium-sized enterprises (SMEs), or small and medium-sized businesses, as they are known in some markets. In recognition of their growing importance as a distinct customer segment—one with needs that differ from those of consumers and large corporations—we also conducted a survey of SME FinTech use and adoption.",
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      "text": "SMEs are at a different point in their adoption journey compared to consumers, therefore we used a different methodology in our SME analysis. An SME FinTech adopter has in the past six months used services provided by a FinTech in all four of the following categories: banking and payments, financial management, financing and insurance.",
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      "text": "Chapter 2",
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      "text": "SME FinTech adoption trends",
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