The many benefits of adopting financial technology (fintech) have fast become popular across the world, positively affecting a multitude of processes in the banking sector. The global fintech market is anticipated to grow at a CAGR of 20 per cent over the next four years, reaching a nearly 305 billion dollar milestone by 2025. This significant rise in highly valued fintech firms in Europe demonstrates the crucial role that the continent plays in upending important financial operations such as payments, banking, insurance, loans, and trade. The growth of the banking sector led to more investments coming in towards fintech startups, rising internet penetration, and an increase in disposable income. However, the challenges posed by stringent regulatory policies continue to affect the many players in this ever-evolving industry.
One of the hallmarks of the fintech industry is its capacity to respond quickly to changing customer needs. COVID-19 has elevated the prominence of online payments, digital onboarding, and virtual customer service. Furthermore, the use of open data to assist customers and institutions in making better financial decisions is increasing with the development of open banking.
Although the financial technology industry is subject to regulatory obligations, many of these are not as rigid as the frameworks fully licensed banks are obliged to meet. Consequently, fintech firms can more quickly introduce new financial solutions with greater agility. In addition to the numerous advantages of improved speed, efficiency, and security, Fintech also makes most traditional financial activities simpler while providing access to financial services in nations without a formal financial system.
This edition of Financial Services Review brings into spotlight key developments in the Fintech space and how financial companies are leveraging the latest tech solutions and market expertise to streamline the adoption of digital financial services on a wide scale. It features a combination of thought leadership articles from Michael Rennie, Chief Digital Officer at Cynergy Bank and Frida Roneus, Director of Digital Strategy, Innovation and Fintech Lead, Sumitomo Mitsui Banking, with real-life stories on fostering robust partnerships and exclusive insights from VCs and CXOs.
The magazine also features innovative digital solutions from companies, including Dixtior and Mosaic Smart Data that equips organisations with powerful, scalable financial administration solutions. We present to you the Top 10 FinTech Solutions Providers in Europe and Top 5 FinTech Solutions Providers in the UK in 2022.
