FINTECH INDUSTRY MARKET ANALYSIS

Fintech Industry Market, By FinTech Cards (Commercial Cards and Virtual Cards), By Solution (Payment & Fund Transfer, Lending Solutions, Insurance & Personal Finance, Wealth Management, Digital Banking, and Others (Remittance Solutions, and Crypto Solutions)), By Technology (Application Programming Interface (API), Big Data Analytics, Artificial Intelligence (AI), Blockchain, and Cybersecurity), By End User (Individual Consumers, Business FinTech, and Enterprise FinTech), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Feb 2025
Code : CMI4424
Pages :160
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenge - Data privacy and security concerns

One of the major challenges faced by the global fintech industry is data privacy and security concerns. As financial transactions increasingly move online and mobile applications collect large amounts of sensitive personal and financial data, there are growing worries about how securely this data is stored and what it may be used for. For example, in February 2022, according to the U.S. Federal Trade Commission (FTC) data, identity thefts rose by 22% in 2021 from 2020 levels in the U.S.

Market Opportunity: Collaborations with traditional banks for market expansion

One significant opportunity available for the fintech industry lies in collaborating with traditional banks. By forming strategic partnerships, fintech companies can leverage the large customer base, trust and distribution networks of established banks while banks gain access to novel technologies. Such collaborative models have the potential to rapidly scale innovative new offerings. For example, collaborations allow fintech firms to embed their products and services within the existing online and mobile banking platforms of major banks.