Fintech market Overview Forecast to 2025:
Fintech market offers a detailed analysis of the industry for the estimation period of 2019-2025. Fintech market reflects the market size, growth rate, market share, application, future trends. The market research of Fintech is absolute but covers all-pervasive points in brief which are significant and compatible for a customer of Fin-Tech industry.
The Fin-Tech industry has been witnessing a solid growth rate over the previous decade and it is anticipated to achieve a lot in forthcoming decades. Thus, it is essential to identify all investment opportunities, upcoming market threats, restraining factors, challenges, market dynamics, and technological advancements to strengthen footholds in Fin-Tech industry. The proposed research has analyzed all the above elements to present a detailed analysis to help achieve expected growth in their businesses.
The Global FinTech funding has a compound annual growth rate (CAGR) of 44% from 2013 to 2017. Investments in the cryptocurrency and blockchain market are expected to grow at a CAGR (2016-22) of 35%.
The six noteworthy trends for the Fintech Sector are encompassed herewith:
With the lack of use of banking services, beyond the cases in which it is a legitimate personal option can mean the difference between being able to receive health, education or other basic services or not receiving them.
1. The year of ‘Regtech’:
- It is predicted that about 15% of the workforce of the entire financial industry as a whole is engaged in ‘compliance tasks’.
- This percentage would end up increasing considerably due to the surge in the regulatory eagerness of institutions.
- If it were not for the growing number of ‘Regtech’ solutions that allow large financial institutions to implement technology instead of recruiting more employees for these tasks.
- Right from regulatory reports, compliance verifications, risk management, transaction monitoring to the ‘Know-Your-Customer’ (KYC) or ‘Anti-Money Laundering (AML) field, there exists already a whole plethora of startups and companies of all categories that offer technological solutions to reduce costs and times.
- Services that also offer a return on investment (ROI) that for large entities can occur in a matter of months from their adoption.
2. Automation and RPA:
- Robotic Process Automation (RPA) is a software that manages repetitive human processes using the same application interface as a human but eliminating human inefficiencies.
- For instance, a robot could execute a data entry task using Microsoft Excel (or any other) and the company’s CRM Software.
- As with the Regtech software as been identified, they have a very early ROI (between only 3 and 8 months as it was concluded in the Fintech Symposium 2018) and this is why mass adoption is anticipated.
- RPA will help banks increase efficiency and eliminate wasted time especially when it comes to tedious and easily repeatable tasks.
3. Conversational Banking:
- 64% of people prefer to send messages over calling or writing emails, 64% is more willing to buy or hire service if they have previously interacted with the brand and heed this and 80% is willing to do so.
- Artificial intelligence (the engine of all Conversational User Interfaces) is already mature enough for the Business to Customer (B2C) and satisfies the so-called liquid expectations accustomed to demand and enjoy products and services without the rigidity of yesteryear.
4. Extensive population using banking services:
- If something is always demanded from advanced technology is that it has to break gaps and be as accessible as possible.
- The Fintech industry movers and shakers are fetching more and more people from all over the world to have access to banking services.
- Something that is not a serious problem in countries like Spain, but in others like the United Kingdom, where more than 1.5 million adults do not have any banking product, not even an account or card.
- With the lack of use of banking services, beyond the cases in which it is a legitimate personal option can mean the difference between being able to receive health, education or other basic services or not receiving them.
5. The decrease in Physical Money:
- In Sweden, only 1 % of transactions were made with cash in 2016. Some businesses refuse payment in cash point blank and more than half claim that they will decline to accept cash before 2025.
- Without going as far as this Nordic country, the European country with the highest volume of cashless payments is the United Kingdom.
6. Unstoppable development of open banking:
- The advent of open banking termed to be the empowerment of the customer who is given full control of their data so that they can be shared between different companies has transformed everything and will continue to do so.
- According to the study conducted by Deloitte by 2019, some banks will have completely replaced their old legacy systems, while others are choosing for microservices and cloud applications on the other hand gradually reducing the dependability on previous systems.
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