Fintech Market - Introduction
- Fintech is also known as financial technology. Companies are using different financial technologies or platforms to provide efficient financial services and enhance customer experiences.
- Banks and financial institutes are adopting financial technology such as banking apps, online banking, and web-based and app-based insurance services to increase the productivity and efficiency of business operations.
- Solution providers are offering financial services with innovative and new technologies in social trading, e-commerce, wealth management, payments, and other financial transactions.
- Solution providers are also integrating advanced technologies such as artificial intelligence, robotic process automation, blockchain, and cryptography in financial services to enhance the performance of business operations.
- Financial companies offer mobile-based financial apps to improve the financial services offered; it also helps to reach more customers and increase awareness about online services. Solution providers are offering financially secure e-commerce platforms with increasing demand for e-commerce apps among users.
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Key Drivers of the Fintech Market
- Increasing demand for mobile banking applications and e-commerce platforms among users for a more user-friendly platform to perform financial transactions is expected to drive the fintech market.
- Increasing adoption of advanced technologies in business operations by banks and insurance companies instead of using legacy operating systems, is expected to boost the demand for fintech among companies.
- Investors are collaborating with wealth management solution companies to consolidate their position in the market and provide advanced solutions in financial technologies. This is expected to offer significant opportunities to solution providers of fintech.
Government rules and regulations for financial technology applications expected to hinder the market
- Government rules and regulation change as per market demand, affecting the operability of financial technology applications. This is expected to restrain the growth of the fintech market.
- Lack of awareness about advanced payment or transaction apps, and several platforms charging extra amount per transaction is also expected to hamper the fintech market.
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Impact of COVID-19 on the Global Fintech Market
- Financial companies are adopting digitalization of business processes due to the lockdown measures and to provide user-friendly and reliable platforms to manage financial and business activities. Companies are adopting advanced financial technologies to secure their digital footprints and money transaction processes. Furthermore, the ever-increasing threat of COVID-19 is projected to boost the demand for fintech solutions during the forecast period.
North America to Hold Major Share of the Global Fintech Market
- North America holds a prominent share of the global fintech market due to an increase in the adoption of e-commerce platforms and increasing demand for advanced technological solutions to provide security to the financial data and records of users.
- The fintech market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to increasing investment by major players to provide solutions across the region and also due to the increasing adoption of digital platforms by companies and mobile applications among users in Asia Pacific.
Key Players Operating in the Global Fintech Market
- Avant, LLC
Avant, LLC is a global leading financial technology company based in Chicago, Illinois, U.S. The company provides services in personal loans and credit cards to users and commercial sectors. The company offers financial services to more than 800,000 customers worldwide.
- Social Finance, Inc.
Social Finance, Inc. was founded in 2011 and is based in San Francisco, California, U.S. The company is a global online personal finance service provider in personal loan, mortgages, student loan refinancing, banking, and investing services.
Other key players operating in the global fintech market include ZhongAn Online P&C Insurance Co. Ltd., Kreditech Holding SSL GmbH, Shanghai Lujiazui International Financial Asset Exchange Co., Ltd., Atom Bank plc, and Nu Pagamentos S.A.
Global Fintech Market: Research Scope
Global Fintech Market, by Technology
- Artificial Intelligence
- Biometrics and Identity Management
- Public Cloud Infrastructure
Global Fintech Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprises
Global Fintech Market, by Application
- Investment Banking
- Retail Banking
- Corporate Banking
- Trading Firms
- Stock Exchange
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.