Fintech Statistics You Need to Know
Fintech is a technology on a mission to make things easier for people and to put profits in the hands of even more people who aren't part of the big banks and financial sectors of the world. It includes a variety of innovative software and hardware products that’s attracted millions of people. The ultimate goal is to use new digital technology make financial services more streamlined and efficient and so far, fintech firms have made a great reputation in the world.Â
Fintech is one of the fastest growing technology areas in the world, which means fintech companies can do great things for any business and make a huge impact on how it develops in the future.Â
Learning More About Fintech is a Good Idea
If you are unfamiliar with fintech and how it all works, this is the perfect opportunity to learn more and take steps toward an amazing financial future. There are many statistics that you should know about them, but the following are some of the most important.
Fast Facts
Fintech has an estimated worth of $4.7 trillion
12,000 fintech startups exist around the world
One of the biggest startups had a $60 balloon profit margin and provides over 10,000 jobs to employees
Over 3 billion people access banking services digitally Fintech helps with many of those transactions and has seen a 54% increase since 2016
Even More Facts to Wake You Up
Fintech is growing so rapidly, many traditional banks fear they’ll lose profits to the new fintech companies and firms. They’re always at risk but now the threat is even higher
82% of all financial companies plan to increase collaborations with fintech providers over the next five years
93% of companies use at least one cloud-based service, says Spice Works. Cloud storage and email hosting are the two most popular cloud-based services companies use.
Businesses, particularly financial institutions, say fintech firms can be partners. According to The Financial brand, financial institutions are 60% in agreement
Should You Use Fintech?
The statistics prove the potential that fintech firms have in today’s financial sector. While every person may not find their digital financial tools work for them, that is rare and most people think the exact opposite is true. Fintech can do great things for your business and its future if given the opportunity. It may be worth the time to look into fintech tools and technology and learn more about how it works.