At present, both Artificial Intelligence & Blockchain technologies are at the forefront of the Fintech landscape with much safer, faster, precise, efficient, & reliable services or products to offer. With more secure & simplified options to initiate online transactions, customers enjoy the leisure of switching to new-age software solutions for everyday purpose. The buzz around open banking, cryptocurrencies, Non-fungible tokens, & other next-generation innovations is on the top of headlines all around the world. With the emerging fintech statistics, a huge spectrum of financial service companies including banks, insurance facilitators, stock market trading agencies, & a wide array of businesses is turning towards its adoption.
Needless to say, the Fintech market has always been one of the fast-growing economies with businesses migrating from the business-to-customer model to the B2B approach. And this results in the increasing partnerships of investors or mergers with Fintech startups and many big financial institutions.
The latest Fintech predictions indicate that the industry is yet to embrace more ground-breaking breakthroughs around market trends & technologies. In this blog section, we will be sharing key insights to analyze how Fintech app development is leading to transformation in 2023 & beyond.
Key Fintech Statistics
- Traditional bank assets increased by 75% while Fintech bank assets grew by 105% in a decade (2013-22).
- More than 323 Fintech companies entered the global marketplace by the end of October 2022.
- The per-share value of Fintech ETF slashed from $52 in 2021 to $21 in 2022. And the total value of digital payments transactions is projected to reach $8.49 trillion by the end of 2022.
The division of Fintech is categorized into two segments, “Fins” which are companies with a B2B model & “techs” which are B2C companies. Loan-leading apps or platforms categorized under Fintech app development at leading product design & development companies get the highest funding.
However, cybersecurity & fraud has decelerated the growth of Fintech statistics in the initial stage. The integration of decentralized systems has streamlined financial operations but also imposed a series of security vulnerabilities for businesses.
Due to security reasons, about 77% of businesses refrain from implementing blockchain-powered solutions as per recent data captured from a group of banking CIOs.
Current Fintech statistics: How much does the industry worth?
- According to Research & market 2020 forecasts, the global Fintech market is expected to grow at a CAGR of 26.8% from 2021 to 2025 with a net revenue of USD 31,503.54 Billion.
- Global Blockchain Technology Market to rise at Staggering CAGR of 58.90% during 2016 – 2024, with a net revenue of US$20 billion by 2024.
Region-wise fintech market statistics
Venture capital investment has been on the rise despite a deep fluctuation in the choice & preferences of the investors contributing to the Fintech growth statistics. They now tend to be more interested in startups or businesses with more scalable & demonstrable revenue models, particularly for the banking, lending, finance, payments, insurance, & trading segment.
Fintechs like JPMorgan & Chase Co. Citigroup, and Goldman Sachs are a few prominent groups investing in more advanced technologies including AI or machine learning, and robotic process automation (RPA). In fact, a recent study also reveals that machine learning will be worth approx $80 million in 2025.
- More than 8,775 Fintechs entered the American marketplace in 2021, a report by Statista.
- Around 4,76 Fintech startups were active in the Asia-Pacific region in 2020, according to Fintech Control Tower survey for 2021, stating Europe, Africa, & Middle East with a combined number of over 7,835 Fintech startups in 2020.
Examples of top fintech companies
- PayPal is one of the most well-known fintech companies, with a transaction volume of $333.8 billion.
- Venmo is another, which reached its first $1 billion transaction volume in January.
- Stripe is the biggest fintech company in the United States and one of PayPal’s biggest competitors, worth $22.5 billion.
- Ant Financial is the biggest fintech company globally, with an estimated worth of $150 billion.
Fintech Consumer Adoption Statistics
A report by Ernst & Young’s biennial Fintech consumer adoption report indicates that it’s much speedier than expected. The impact of COVID-19 also triggered the penetration of Fintech trends with over 73% of Americans as “a new normal”, contributing to the latest Fintech stats for 2023, according to Plaid.
More notable Fintech statistics for 2023
- More than 75% of global customers have availed of at least one Fintech service for virtual mobile payments. (Ernst & Young, 2019)
- Overall 70% of Americans think that mobile banking will be the future, as reported by MX Technologies, 2020.
- Around 90% of global mobile users would have made online payments at least once, according to Bluebird report.
- Over $1 billion in mobile payment transactions are made every day, as per the Morder Intelligence report for 2021.
- On average, a consumer usually conducts mobile payments of $188 per month. (Mordor Intelligence, 2021)
- Approx 43% of consumers admit that they’ve been using mobile banking as their primary banking option since the pandemic days. (MX Technologies, 2020)
- Get more interesting facts on digital transformation for Fintech & its growth stats for 2023.
Most Popular Payment Gateway Systems
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- SecurionPay is one of the most preferred payment gateways which is highly secure. It is compatible, mobile-friendly & useful for simple and easy card payments. that provides a friendly and simple card payment experience.
- Authorize.Net is a new-age payment gateway system that enables transactions anywhere or on any platform.
- BlueSnap is yet another payment gateway that comprises all sorts of tools for any type of eCommerce, B2B, & B2C business.
- WePay offers all-inclusive payment services with zero risks & end-to-end user experiences.
According to the World Economic Forum, the global GDP is projected to grow up by 10% by 2027. And the current industry is gearing up to embrace its impact with the rapid adoption of next-gen tech innovations as top Fintech trends and predictions in 2023 & beyond.
The way AI is shaping business intelligence for better decision-making & blockchain use cases are breaking new records of top Fintech statistics in 2023, we’ll soon observe a massive wave of digital transformation in the coming time.
Being a product team for product teams, Hie HQ has been co-building future-ready software solutions, tailored to match the latest tech innovations & market trends. Our user-centric products are powered by high-grade technologies including blockchain, AI or machine learning, SaaS or cloud computing, NFT, Decentralized Finance, cryptocurrency, RPA (Robotic Process Automation), IoT, Wearable, & more.
Our portfolio presents our esteemed clientele from Fintech & Finance, Fitness & mental health, eCommerce, Social media & community, and other industrial domains. We take pride in our expertise in product design & development, UI/UX design, product transformation, business transformation, mobile app development, and web /web app development as our key service offerings.
1. What are the key factors adding to top Fintech stats in 2023?
The key factors are Blockchain, digital currency, alternative lending, algo trading, robo advisory, insur-tech, & digital payments.
2. What are core areas that will shape the future of fintech?
The core areas are artificial intelligence, cloud computing and big data that shall shape the future of fintech in the upcoming years.