The famous Financial technology industry now handles digital finance all over the globe
The Fintech industry, also known as the Financial Technology industry, has gone a long way with the implementation of digital financial services into everyday life. The activities and innovations offered by the Fintech industry made life easier for many businesses and ordinary users.
It is expected that the industry will continue to grow. With more unique options, features, and life-changing technologies, Fintech should easily continue to deliver a better life to people all around the globe.
Fintech has been in existence since 1918. Within the past century, the evolution of the industry has greatly impacted many nations. Today, a wide variety of online and digital financial technologies all owe it to Fintech for their existence.
Reports on the industry suggest that in the next couple of years, economic sectors including insurance, security, and online finance are sure to experience significant growth in efficiency and productivity. This comes as good news for the overall improvement of the world’s economy.
Transactions and online payment services are now readily accepting the unique innovations that the financial technology industry is providing. In fact, 42% of payment companies are increasingly partnering with Fintech companies across the globe.
The sector seems to suit the trends of modern society as mobile devices are now playing an active role in the setup of successful financial transactions. Case studies suggest that, as of 2017, a whopping $780 billion worth transactions took place through mobile.
We should not forget that the Fintech industry claims to have more up its sleeves than people might think. Artificial intelligence (AI), for example, is fast becoming an integral part of every business campaign. In fact, reports show that 46% of large Fintech companies are already powered by AI.
It has begun playing an integral role in the growth of the sector. What’s more, by 2035, this technology could very well boost economic profitability by about 38%. This, of course, is backed up by the fact that AI will boost overall economic growth by about 17%.
Banks are not left out of the picture when it comes to Fintech. Statistics reveal that about 80% of banks believe AI will revolutionize the way they gather information and interact with customers. Aside from this, Fintech will effectively provide 36.8% of better banking and lending processes.
Below is an information-rich infographic created by carsurance.net. It offers unique and key statistics about Fintech. The interesting thing is that it has information that will surely be useful to people of all ages, gender, class, occupation, and nationality.
Readers have the opportunity to obtain concise and accurate information as regards how the Fintech industry has grown.