The global Fintech Market size is expected to reach USD 190.80 Billion in 2028 and register a CAGR of 8.5% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are rising demand for smartphones and banking apps, increasing investment by private investors in fintech companies, rapid Internet penetration, implementation of Artificial Intelligence (AI) and blockchain technologies across various operations and processes, and increasing disposable income. Fintech or financial technology is a combination of financial solutions and advanced technologies. Fintech is based on advanced technologies and solutions for delivering value-added banking and financial solutions more efficiently. Financial organizations and banks are using various technologies and solutions such as AI, analytics, blockchain, mobile commerce, cloud infrastructure, cryptography, biometrics, cybersecurity, and RPA to offer more advanced and effective financial solutions and to improve their customer experience.
Some key applications of fintech are retail banking, stock trading firms, investment banking, hedge funds, and others. Retail banking segment accounted for largest revenue share in the global market in 2020. This can be attributed to rising preference for retail banking due to its many advantages, including multiple product offering such as deposits, insurance, credit cards securities, and investments, availability of feasible loan options, and public wealth safety.
Some major players in the market include Microsoft, Paytm, Google, IBM, Intel, Affirm, Upstart, Sigmoidal, Zest Finance, and Amazon.
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Fintech plays a vital role in mobile banking. Mobile banking allows customers to remotely perform financial transactions using their smartphones. Mobile banking services are primarily provided by banking and financial institutions. People can easily avail instant lending services and request credit reports through the use of digital platforms.
Components of an Information and Communication Technology (ICT) system
ICT refers to both the internet-connected world and the mobile world powered by wireless networks. It also contains outdated technologies like landlines, radio, and television broadcasting, which are still widely utilized today alongside cutting-edge ICT elements like artificial intelligence and robotics.
Although ICT and IT (information technology) are occasionally used interchangeably, ICT is generally used to refer to a broader, more comprehensive list of all components connected to computer and digital technologies than IT.
ICT, on the other hand, usually refers to more than a list of components. It also includes the implementation of all of those different components. It is here that ICT’s true potential, power, and danger can be discovered.
Rapid development of e-Commerce industry, implementation of AI and blockchain technology, increasing adoption of fintech in small and medium sized companies, rising demand for mobile banking services, and advent of digital wallets are some key factors expected to support growth of the fintech market to a significant extent going ahead.
Conclusively, all aspects of the Fintech market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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