The continuous growth and development of digital technologies such as AI, ML, IoT, and Blockchain make many industries worldwide face significant disruption. Financial technologies are achieving innovative breakthroughs in the financial sector world that have allowed the industry to provide personalized financial services with increased security. The digital transformation of financial services depends on FinTech development efforts made by financial institutions to meet customer expectations. Digitization of financial services facilitates the delivery of financial services and streamlines the entire process, resulting in reduced operating costs and enhanced security.
What are Financial Technologies?
Technologies in the financial services industry have introduced models and financial services. According to a recent report by Statista, China holds the top position in the FinTech market with total transactions of USD 1,596 billion in 2019. It is said that the FinTech market was USD 151 billion in 2017, which will increase to USD 381 billion in 2022.
PwC Global surveyed FinTech, and the following are the results they found:
75% of business leaders believe that financial technologies will shift their focus to customers.
83% believe that FinTech businesses capture some portion of their business operations.
20% of business leaders believe that fintech businesses will take over the majority of financial services.