The FinTech market is growing, and even traditional financial organizations embrace its top-notch innovation to enhance customer interaction. The FinTech market is expected to reach $190 billion by 2021. According to TopTal financial market analysis, there are three factors that are contributing to the maturing of the fintech sector: the evolution of technologies like AI, cybersecurity, payment methods, and so on. Much of the money invested in the first generation companies that tried to capitalize and build on the devastation caused by the 2008 financial crash. These funds are coming to an end. The macroeconomic situation, especially in the UK and in Europe, has deteriorated, slowing down funding for newer companies.
Geographically, more and more mega-deals are taking place in developing countries, where large numbers of people without access to banking services and without access to banking services create very fertile ground for rapid growth. Ant Financial (~ $ 150 billion as of June 2019) is an excellent example of all of these various trends.
We created Infographics covering FinTech market trends and statistics to save your time and monitor the main trends quicker.
Infographics: FinTech market trends and statistics
The radical transformation of the financial services industry by undermining financial technology still continues. The tightening of regulatory requirements, starting with the financial collapse of 2008, continues apace and, thus, forcing the players to take the traditional innovation. The market is gaining momentum and the number of large deals concluded at later stages is decreasing. Consumer segment and segment creditors face strong consolidation, particularly in the event of an abrupt deterioration in the macro situation.
We, at RoveTek, deliver top-notch solutions in web & mobile development to our clients in the FinTech domain. Let’s start a journey of digital transformation for your FinTech project with RoveTek!