Globally, factors contributing to the fintech revolution include technical innovations such as AI and cloud technologies. With customers no longer satisfied with the way banks provided their services, the revolution in finance was welcome and long overdue. The statistics below reveal the influence that fintech currently has in major markets and industries.
– Globally, 96% of customers are aware of at least one payment or digital money transfer service. The figure appears in Ernst&Young’s “Global Fintech Adoption Index”.
– In 2020, as a result of the coronavirus pandemic, ⅔ of global transactions were executed online, as reported by Atos.
– In 2018, global investment in the development of fintech services amounted to $128 billion, making it a pivotal year for fintech.
– The global fintech adoption rate reached 64% according to the EY Global Fintech Adoption Index.
– China and India lead the world in consumer adoption of fintech (87% adoption rate) according to statistics from Balancing Everything.
– Fintech companies targeting the B2B sector are the most funded – 42%, reports Finance Online.
– 28% of fintech market leaders operate in the credit sector and expand opportunities for credit applications.
– Nearly 161 million US citizens use online banking services. This figure is the result of concentrated efforts by bankers to provide digital banking services.
– A fintech trend to keep in mind: 68% of consumers say they would consider a non-financial company for financial services, as reported by Ernst&Young.
– Money transfers and payments have the fastest adoption rate among fintech services – 75%, followed by savings and investments (48%), budgeting (34%) and insurance ( 29%).
– In 2020, North America has the highest number of fintech startups: 8,775. Interestingly, China has fewer startups but enjoys the highest number of top fintech companies by revenue.
– Stripe, a company providing payment services to B2B customers, is the largest fintech company in the United States, its value is estimated at $95 billion.
– Interestingly, no less than US$20 million is currently enough to start a digital bank, according to a report by Atos.
– The same report indicates that on average $50 billion is invested in fintech companies each year.
– 46% of consumers are willing to share their banking and contact details with other businesses, as shown by EY’s FinTech Adoption Survey.
– Of all age groups, Millennials are the most enthusiastic users of online (92%) and mobile (79%) banking, according to statistics collected by Balancing Everything.
– The fintech market is expected to exceed $25 trillion in 2022, according to the recent report from Research and Markets.
– In 2022, the fintech sector is expected to attract $310 billion in investment, according to Toptal’s state of the fintech industry research.
– Blockchain and regtech are growing faster than other areas of fintech. While the blockchain market is expected to reach $20 billion in 2024, the regtech market is expected to be worth $55.28 billion in 2025, predicts Grandview Research.
– Another promising area for fintech innovation is peer-to-peer lending. By 2026, the global P2P lending market is expected to reach $567 billion.
– The global online banking market is expected to reach nearly $32 billion by 2027.
– In 2026, the mobile banking market is expected to reach $1.82 billion.
Overall, the statistics and forecasts above indicate that the revolutionary fintech industry is booming and is currently one of the most lucrative investment areas for financial companies and non-financial market participants. financial. Regardless of the industry, businesses large and small can benefit from expanding their product lines to include fintech services.
The banking sector has certainly undergone a radical transformation. In the next section, we will look at how fintech solutions are disrupting modern banking.
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