Most Exciting Stats And Predictions For FinTech Market

By Visartech

Globally, the factors contributing to the fintech revolutionization include technical innovations like AI and cloud technologies. With customers no longer satisfied with the ways banks were delivering services, the revolution in finance was welcome and long-anticipated. The statistics below reveal the influence that fintech is currently having on major markets and industries.

The Fintech stats:

- On a global scale, 96% of customers are aware of at least one digital payment or money transfer service. The figure is featured in Ernst&Young’s “Global Fintech Adoption Index”.

- In 2020, in the wake of the coronavirus pandemic, ⅔ of global transactions were executed online, as reports Atos.
- In 2018, the global investments in the development of fintech services constituted $128 billion, making it a pivotal year for fintech.
- The global fintech adoption rate reached 64% according to the EY index of global fintech adoption. 

- China and India are global leaders in consumer adoption of fintech (87% adoption rate) according to the stats by Balancing Everything. 

- The fintech companies targeting the B2B sector are the most funded - 42%, reports Finance Online.
- 28% of fintech market leaders operate in the lending sector and expand the possibilities of loan applications.
- Almost 161 million US citizens use online banking. This figure is a result of the concentrated effort that bankers undertook to deliver digital banking services.
- A fintech trend to keep in mind: 68% of consumers say they would consider a non-financial company for financial services, as reports Ernst&Young.

- Money transfers and payments enjoy the fastest customer adoption rate among fintech services -  75%, followed by savings and investments (48% ), budgeting (34%), and insurance (29%). 

- As of 2020, North America boasts the largest number of fintech startups: 8,775. Interestingly, China has fewer startups but enjoys the highest number of leading fintech companies by income. 

- Stripe, a company providing payment services to B2B clients, is the United States’ biggest fintech company, its value estimated at $95 billion.

- Interestingly, as much as 20 million US dollars is currently enough to start a digital bank, according to an Atos report. 

-  The same report states that, on average, $50 billion dollars is invested annually in fintech companies.

- 46% of consumers don’t mind sharing their bank data and details with other companies, as informs the EY fintech adoption survey.

- Of all age groups, Millennials are the most eager adopters of online (92%) and mobile (79%) banking, according to the stats collected by Balancing Everything. 

The Fintech predictions:

- The fintech market is projected to exceed $25 trillion in 2022, as per the recent report from Research and Markets. 
- In 2022, the fintech sector is expected to attract $310 billion of investments, according to the State of the Fintech Industry research from Toptal.

- Blockchain and regtech are developing faster than other fintech areas. While the blockchain market is set to reach $20 billion in 2024, the regtech market is predicted to be worth $55.28 billion in 2025, predicts Grandview Research.

- Another promising area for fintech innovation is Peer-to-Peer lending. By 2026, the global market for P2P lending is expected to reach $567 billion. 
- The worldwide market for online banking is predicted to almost reach $32 billion by 2027. 

- In 2026, the mobile banking market is predicted to reach $1.82 billion.
All in all, the above stats and predictions indicate the revolutionizing fintech industry is on the rise and is currently one of the most lucrative areas for investment for both financial companies and non-finance market players. Regardless of industry, companies, large and small, can benefit from extending their product lines to include fintech services.
The banking sector has surely been undergoing a drastic transformation. In the next section, we will look at how fintech solutions are disrupting modern banking.