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Global Fintech Industry Trends And Statistics 2021 Analytics

High transportation costs not only affect an operator’s bottom line but are also an important factor in any business decision. Moreover, the instability and insecurity around arrival times are forcing importers to rethink all their inventory management strategies. In the coming years, we will see a flourishing intersection with fintech – from payments to lending and insurance. We believe we will see the industry’s infrastructure get rebuilt for freight forwarders, providing new solutions to improve visibility and enhance transportation predictability. Consumers prefer to interact with financial institutions that offer a single channel, such as social media or mobile banking applications, according to 60 percent of respondents.

The COVID-19 pandemic has exacerbated pressures within the global logistics space. Intermittent periods of forced closure, travel restrictions and pandemic–induced bursts of consumption, alongside a limited capacity of ports, container ships, and truck drivers, caused havoc for supply chain operators. Due to the current supply chain chokehold, only about 34% of container ships arrived on time in September 2021, compared to 56% the year before. In addition, rising consumer demand, limited supply, and uncertainty around delivery times are causing crazy, volatile price increases. This reality of protracted delivery timeframes and abnormally high and unpredictable transportation charges simply isn’t sustainable. In H2’21, fintech investment in the Americas reached US$105.3 billion with 2,660 deals.

Exclusive: 6 Fintech Trends For 2022

In 2021, fintech investment in the Americas reached US$105.3 billion with 2,660 deals. In H2’21, fintech investment in Asia Pacific reached US$27.5 billion with 1,165 deals. In 2021, fintech investment in Asia Pacific reached US$27.5 billion with 1,165 deals. In H2’21, fintech investment in EMEA reached $77.3 billion with 1,859 deals.

  • That’s where fintech could help to transform and optimize the future of systems and payments.
  • As the industry diversifies and broadens even further, the need for taking advantage of new opportunities becomes more apparent to serve those who are underserved by traditional finance.
  • Cyber threats increase every day with increased online transactions, and digital processes and cyberattacks can create shared risks across systems.
  • This can be attributed to the negative impacts of COVID-19 on the industry.

Since the pandemic began, the mindset towards open banking with more traditional financial institutions is changing too, due to the opportunities that these can generate for fintechs in 2022. Investments continue to be made in locations with strong technology ecosystems like California, New York, Texas, and Massachusetts. These locations have resources including talent, associations dedicated to advancing early stage fintech companies, and strong financial industries to support early stage company development. Well-established businesses within profitable industries are more willing to invest resources, time, and money to work with early stage fintechs. The development opportunities gained from working with these sturdy businesses may be crucial if economic uncertainty continues.

Key Trends Covered At Future Of Fintech 2021

We could see bands creating NFTs around a specific piece of work and releasing it as a limited-edition album with a finite number of copies available. In addition to providing fans with exclusive access to content, artists can ensure that profits aren’t being siphoned by middlemen. Once the infrastructure is in place to facilitate NFT-driven streaming, digital content providers will be prompted to rethink their business model. As powerful new tools for creator empowerment, NFTs can help democratize content distribution globally, elevate culture over corporate interests, and forge stronger connections between artists and their fans — a vision worth going ape over. Given the growing prioritization of ESG happening more broadly, there will likely be increasing interest in fintechs with ESG capabilities, including companies focused on climate change, decarbonization, and the circular economy. Optimism for fintech investment globally remains strong, with new subsectors expected to emerge and flourish.

An example of the Super App movement can be seen in Block’s expansion into BNPL services through the acquisition of Afterpay for $29 billion, as well as in Tax solutions with the acquisition of Credit Karma Tax business. Continuing in this vein, Block is creating a DeFi platform based on Bitcoin, and investing in other in-demand services. But the most noticeable move is the decision to change its name to Block, so the “Square” brand will be reserved for the merchant-payment business, while Block will be the super-app name.

Increased opportunities for nimbler FinTechs is highlighted as part of the second trend, with companies that are able to develop products that appeal to a wider audience are likely to eat away at their less appealing competitors. Currencycloud highlighted previous research conducted by itself that interviewed 10,000 people and found 55% would consider a specialist service over traditional banks for investments, compared to 52% for wealth management and 52% for financial advice. API as a Service has made it easier than ever before for platforms to integrate new services. The Super App concept isn’t just being embraced exclusively by financial players, but also by non-financial companies that are keen to better serve customers within their ecosystem.

For instance, there are prominent insurance companies in the above listed states, which makes the development of insurance technology more likely. In these locations, early stage tech companies working on insurance solutions have better access to information that enables company growth. It’s important to align a technology company’s objectives within a state that shares similar objectives. In addition, states with a larger emphasis on technology initiatives are more likely to provide a supportive ecosystem that will enable fintech evolution. When discussing the financial industry nowadays, it seems you can’t avoid the mention of fintech. It’s everywhere—and it’s steadily expanding its reach to almost all aspects of banking.

fintech industry trends

The ever-increasing rise of sustainability is a trend which spreads across various industries, however, the rise of Green FinTechs is expected to take hold in 2022, according to Currencycloud. A recent blogpost by cross-border payments firm Currencycloud has outlined its predictions for the FinTech trends to look out for in 2022. Blockchain makes sure that all the information stores are secured end-to-end while there is minimum risk. But funding aside, the challenge of inaccessible banking still needs to be addressed.

Financial Technology , today, has become a revolutionary field in the global industry, encountering rapidly positive changes each year! FinTech has transformed countless business sectors ranging from banking and retail to financial advisory services. Fintech has traditionally been focused upon payment from the consumer, but the payroll infrastructure battle is ready to commence.

Learn more about fintech innovation and future trends with an online short course. Although it’s only a single year-over-year comparison and there were relative winners and losers in 2020, it’s clear that fintech is a hot sector. As a result of the pandemic, more companies are embracing fintech innovation.

Global Fintech Investment In March Reaches $16 8bn With Top Deals Coming

Also, although there was a dip in deals in the blockchain industry, recent trends in that sector indicate that it will likely bounce back in 2021. Meanwhile, finance, accounting, and business analytics were a huge focus for small to medium-sized businesses this year, which increased their investment rate in the area. Lastly, digital banking remains a focus for financial institutions, even though its deals dropped in 2020. It can be argued that the current trend of democratizing financial services holds even bigger potential for disruption.

As a financial professional and business decision-maker, you need the skills to understand and respond to an evolving financial services industry. The FinTech online short course from Harvard’s VPAL, in association with HarvardX, prepares you to critically assess the future of FinTech and the technologies that will have a lasting impact. Learn more about the course and meet past students here, many of whom come from industry-leading companies, including Equifax, Alpine Bank, and Visa Inc.

Finding Value In Digital Health Services

Banks are no longer the only ones in control of the movement of your money. Instead of simply maintaining the traditional financial infrastructure, it needs to be overhauled in order to keep up with the rapid changes, opportunities, and challenges brought on by fintech. Across banking, lending, payments, wealth management, and capital markets, Future of Fintech 2021 will provide the latest on new technologies, threats, and markets.

These unique virtual bankers will be able to manage and analyze the customer’s risks, portfolio, and investments. The AI algorithm will then generate the best savings and investment options for the customers, reducing the chances of any wrong judgment calls or human errors. Crowdfunding is interesting in that it bypasses traditional financial third parties by using online web-based platforms to connect the potential SME with the funders – often through the use of their mobile device. What differs is the use of fintech to make this process exceptionally easier and accessible to a much larger group of people. The uprising of Bitcoin, Ethereum, and mobile payment services like Venmo provides the opportunity to create new global payment networks that are secure, quick, transparent, and easy to use – ultimately providing better service for all. These innovations have begun to lay a new foundation for money and banking.

It can also allow users to manage their financial accounts in a secure and accessible manner by offering them a consolidated view of their banking accounts. By making bank account management transparent and easy, open banking has the potential to improve the financial judgment for customers and has the potential to aid long-term wealth creation. Another fintech trend in 2022 from the previous year is the concept of key partnerships and collaborations within open banking. As the industry diversifies and broadens even further, the need for taking advantage of new opportunities becomes more apparent to serve those who are underserved by traditional finance.

Then, in 2021, the space reached new heights of innovation, with Fintech companies raising more than $140 billion, three times higher than that of 2020, setting an all-time record. Investors will ramp up their targeting of jurisdictions considered to be underdeveloped in terms of financial services — making more deals in regions like Africa, Southeast Asia, Latin America, fintech industry overview and the Middle East. This will account for 88 percent of all financial transactions in the future. At least one fintech service or organization is known to 96 percent of global consumers. Digital payment is one of the most common fintech products, accounting for 25% of the industry. Global fintech investment hit 1,221 deals worth $26.5 billion in the first half of 2020.

Super Apps: The New Holy Grail Of Fintech Or The Wrong Bet?

The popularity of Siri and Alexa has shown how important voice technology is in our daily lives. However, these technologies can not only be used for helping people switch off their lights and reading their news but can also help them make easy payments. Reports have shown that there are over 3.25 billion voice assistants being used around the world. So, when more and more users start depending on their Smartphones for payments, voice technology might take over traditional payment methods and become the new payment solution.

Around the world, there are 1.7 billion people who don’t have access to a bank account.8 Fintech is able to bridge this gap. Financial services have been innovating and evolving for centuries, with technology as a key driver of change. Feed the Future, the US government’s global hunger and food security project has opened applications for the EatSafe Innovation Challenge,… Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

fintech industry trends

However, with growing demand for decentralized financial services and a new version of the internet, Web 3.0, the financial services landscape appears to be on the verge of another major shift. In the coming years, it’s quite likely we’ll see a fresh wave of fintech innovation usher in a new era of greater financial autonomy, customer-centricity, and empowerment for individuals. 2021 was a record-breaking year for VC investments and capital markets in fintech. We’ve even seen fintech companies acquiring other fintech companies – PayPal recently acquired Paidly for $2.7 billion – which demonstrates the ongoing maturity of the space. With growing competition and high customer acquisition costs, mature fintech players are focusing on selling new services to widen their appeal and drive revenue.

Fintech Tv & Virtual Arenas

On review of the four trends explored in this piece, it’s clear that fintech-led innovations may very well drive another year of unprecedented growth while delivering a diverse set of efficiency gains across verticals, from NFTs to global supply chains. In 2022 we can expect that fintech companies will be battling even harder to become the centrepiece of consumer lives by embracing the Super App model and embedding more services into their apps. But one might ask whether they are best suited to succeed with this strategy. Or maybe we can expect the super app trend to be won by e-commerce players and social media platforms, which are already super-serving their users with a broad range of in-house financial services. Furthermore, big market players will continue to expand in 2022 – with German digital bank N26 recently securing its banking licence in Brazil and Spanish bank BBVA already leveraging apps to access and operate in the emerging markets of Latin America. The rise of 5G will also see the world’s two billion unbanked people get more access to financial services through mobile phones in 2022, Currencycloud said.

Within the financial services landscape, the center of gravity has shifted over time, largely in response to consumers looking for solutions that cater to their needs, outside the clutches of big incumbents. In recent years, neobanks have attempted to answer this call, challenging the pricing and complexity of traditional banks, while earning customers’ trust through simplified, digital-only experiences and low-to-no fees. Neobanks have enjoyed a modicum of success, particularly in niche verticals where they offer dedicated products for specific personas. Overall, however, they have had a difficult time with mainstream customer acquisition and have yet to be profitable at scale. Open banking brings banks and Fintech together, enabling data networking across several financial institutions. It also ensures that the data released by financial service providers are standardized and secure, making information sharing easier among different authorized organizations online.

How To Build A Fintech Mobile App?

Fill in your details to receive newsletters from GetSmarter (a 2U, Inc. brand) and the2U family of companies, inclusive of news, thought-leadership content, and the latest blog posts. Although the areas of investment may be different, what has been made abundantly clear through the fintech revolution is that society is not pleased with the existing financial system. This will be something we’ll want to keep an eye on to see if the impacts of COVID-19 diminish the benefits of being in one of the well-established fintech ecosystems. Member firms of the KPMG network of independent firms are affiliated with KPMG International.

Startups From Nigeria And Ethiopia Are Invited To Apply For A Food Security Program

This can be attributed to the negative impacts of COVID-19 on the industry. The fintech companies with proven technologies continued to raise larger amounts of capital, but overall activity declined most likely due to investors’ financial wariness in the unstable economy. There’s still money to be invested, but the pandemic made the process of receiving that investment more difficult.

This may lead to an increase in fintechs partnering with more mature companies to refine their products prior to seeking investment. Showcased by the decline in deals, it might be more difficult to raise capital in today’s economy. Venture capital may not be as readily available as it was prior to the pandemic. Surrounding yourself with resources, expertise, and capital will increase your chances of finding the right partner or capital investment to take your company to the next stage. Fintech companies not located in areas built to enable their development should consider the cost-benefit of relocating to other states that are more focused on technology initiatives.

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