The adoption of fintech services is increasing rapidly, as the number of people using them doubled in the past two years, reaching 50% of the population in some markets. Digital payments, on the other hand, are one of the most popular fintech services with the revenue reaching USD 726 billion by 2025. These advanced technologies which is bringing revolution in the fintech industry, is opening new avenues for businesses, raising the need for relevant statistical information and market insights among business organizations.
Fintech has been disrupting the banking and financial services industry for several years now, and the trend is expected to continue in the coming years. The worldwide investment in fintech companies in the first quarter of 2021 was recorded to be around USD 22.8 billion. Meanwhile, the global fintech industry is valued at ~USD 306 billion as of 2023 with an annual growth rate of around 22.17%. Moreover, with the recent advancements in technology, the banking and financial services industry has witnessed a new dawn with the adoption of digital payments, Robo-advisors, which use artificial intelligence and machine learning algorithms to offer investment advice, are also gaining a strong foothold in the industry. The assets under management (AUM) by robo-advisors were expected to reach USD 4.6 trillion by 2022. Blockchain technology, a industry which is expected to reach USD 57 billion by 2025, is also gaining a lot of traction to enhance security, reduce costs, and improve efficiency in the processes in the banking and financial services industry. With the growing digitally-savvy population the use of mobile banking is also increasing rapidly, the number of people using mobile banking services is expected to reach USD 2.2 billion by 2023.
These statistics indicate that fintech is bringing about a huge wave of transformation that is engulfing the banking and financial services industry. It is also opening new avenues for lucrative prospects. However, getting adequate funding and a faster return on investment can be a challenge, and also security threats need to be managed and customers to be acquired and retained. In addition, the changing consumer preferences, along with the increasing adoption of digital payment services, robo-advisors, blockchain technology, and mobile banking are all ushering in huge competition and a growing desire to capture market share. As per the analysis by Research Nester, the major players along with the surge of fintech start-ups, acquisitions, mergers, and others, are making the industry more competitive. Survival of the fittest is the norm which requires proper market study, detailed analysis of segments, and strategies to mitigate the challenges. Research Nester provides a detailed account of all the possibilities in the shape of opportunities with relevant statistical data, estimated growth rate, and the latest developments in the industry. The in-depth study can provide a rock-solid base to build your future investment and strategize your immediate plan of action.
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