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The financial sector is undergoing a major transformation with the emergence & adoption of new technologies. There is a great growth potential and fintech offers innovative solutions to the possible opportunities & problems of the financial sector.
Numerous financial institutions have created a business arm and digital incubators over the past decade with a surge in private venture capital. Nearly 80% of financial firms plan to expand their fintech partnerships by 2022, indicating a high level of confidence in the potential of technology for the future of finance. In addition, 67% say they’ll not have a future if they don’t invest in a digital future. In recent years, fintech services have gained popularity among customers at a rapid pace. By using fintech, SMEs can meet their financial needs such as banking, payments, financial management, financing, and insurance. SMEs account for 42% of Asia’s GDP and create nearly half of all jobs. The overall global fintech market is projected to grow at a compound annual growth rate (CAGR) of 26.87% through 2026.
All of these trends point to a bright future for the fintech industry. This industry will only continue to grow in the coming years.
With the advent of blockchain infrastructure and data aggregation, data and the financial system are becoming more transparent. You no longer need to shop for financial products as they are available directly from retailers. With programmable blockchain networks, blockchain-native finance is emerging as a fundamental challenger to current financial infrastructures. The first applications riding this wave are payments, banking, digital investments, asset management, and lending as part of the new vision of finance.
Fintech is growing rapidly all over the world. Fintech is used to improve the efficiency of financial institutions in developed countries, and they offer new & innovative financial products & services to consumers and businesses. In developing nations, it is providing financial services to people underserved by traditional financial institutions.
Almost 4 billion people don’t have access to the full range of banking services because they lack access to a bank account. Banking institutions could potentially earn over $380 billion by converting the unbanked into customers. This is a significant opportunity for FinTech, as it is the most unexplored market in the industry’s history. Several of the industry’s top companies have seen significant benefits from the pandemic’s impact on their valuations. It has had a substantial impact on the financial industry as a result of this growth in FinTech usage. The sector is becoming more efficient, transparent, and secure as a result of increased efficiency, transparency, and security. Customer service is improving with faster transactions. As a result, FinTech is becoming increasingly popular among businesses.
One of the benefits of FinTech is that it is easier to understand. FinTech can, for example, provide financial transparency to businesses. Following this guide, customers can more easily understand the company and what it is doing. FinTech is the most significant technological revolution in the financial industry in the modern era. There are numerous advantages to utilizing it, such as increased efficiency, transparency, and security.
Consumers will be able to access their finances more quickly and with less hassle as a result of this development. Furthermore, it reduces costs for banks and financial institutions, allowing them to pass on these savings to their customers. The growth of fintech demonstrates the power of technology as well as how it can transform our business practices.
Grep Digital helps financial services companies to adopt the best of technology to provide their business solutions. Connect with us to partner in your digital journey.
Credits: Spentapp
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