As per the market outlook foreseen by the IndustryARC business intelligence report titled “FinTech Market: By Technology(API, AI, Blockchain, Distributed Computing, Cryptography) By Type of Transaction (Digital Transaction, Business Finance, personal Finance) By Sector (Lenders, Payments, Wealth Management, Financial institutions, insurance) By service (Financing, asset management, payments) By Ventures (Competitive FinTech Ventures, Collaborative FinTech Ventures), By Geography - Forecast (2018-2023),” this financial technology is poised for exponential growth owing to the robust implementation, acceptance and approval of social trading, Blockchain, e-banking, and the controversial crypto currency.
FinTech can be defined as financial engineering that employs technology and innovation to deliver valuable banking & financial services. An elite World Bank Forum has described its credibility as an economical and sophisticated substitute to customary wealth managers. The sheer affluence and grip of technological services over the traditional banking domain cab be indicated by the fact that digital economy now accumulates nearly 16% of the global GDP.
Browse 92 Market Tables, 179 Figures spread through 197 slides and an in-depth TOC on “FinTech Market (2018 - 2023)”
Global FinTech Market- Disruptive Trends:
- FinTech has been the talk of the hour and even Unite Nations cannot refrain an intervention. The Inquiry into the Design of a Sustainable Financial System was commenced by the United Nations Environment Programme (UNEP) to upgrade the financial system’s effectiveness in mobilizing capital and infusion of technology. A report by UNEP in 2016 titled “The Financial System We Need” very effectively portrays FinTech as an asset towards sustainable economy development. Such evaluations by reputed and elite organizations is forecast to stroke the FinTech market with abundant demand.
- Financial technology has gained tremendous acquaintance worldwide owing to its undeniable firm grip over the traditional financial sectors. Such exposure has drawn considerable investments into the arcade for growth and developments. The U.S FinTech market is capitalizing on these trends and its top 10 FinTech companies is valued at $61.15 billion (2019), according to Forbes. German fintech ventures accumulated an unprecedented investment of $1.1billion in 2018. Revoult, a financial technology start-up based in London has acquired a European banking license as Brexit emerges, with strategies to inaugurate checking and savings accounts and also trade and business loaning. Such mergers and investments are expected to propel the FinTech market size as easing the commercial assessments is a major stride.
- Finance is the core of any economy and right now mainstream of it is on paper exposed to fraud and crime. FinTech with its major constituent Blockchain, is emerging as a disruption for current banking system by its effective traits of being a real-time updating and unalterable digital ledger. Similarly, automation along with AI is serving the interest of financial technology by contributing to a good labor of bank work with the help of technology. Such innovations are proving the financial technology to be precise and efficient and are stroking the market with opportunities and applications.
In this era of innovations and digital advancements taking over almost every domain, financial services cannot be an exception. The blooming FinTech market is a perfect example of such amalgamation. Apart from banking solutions it is also employed while social trading on capital markets as it facilitates real-time updates. This unsaturated market is poised of characteristics to deliver immense revenue, this proclamation meets validation by a growth report by Accenture which states that the global investment in this domain increased more than 2,200% from $930 million in 2008 to more than $22 billion in 2015.
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