For this week’s research article, we dive into new insights on fintech market, banking, insurance, payments, trends, diversity in fintech and more. Happy reading!
AI in FinTech Industry Analysis By The Business Research Company (PR Newswire)
The AI in fintech market consists of sales of AI as software by entities (organizations, sole traders, and partnerships) that are used in the fintech space. AI is a part of fintech companies in terms of collection of data, analyzing information, securing and facilitating transactions, creating customer-centric products, and streamlining processes. It provides stronger security, better analytics, and insights, virtual assistance, and chatbots. The global AI in fintech market size is expected to grow from $7.25 billion in 2021 to $9.13 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The global AI in fintech market size is expected to grow to $24.17 billion in 2026 at a CAGR of 27.6%. Read more.
Congress exploring ways to diversify the fintech industry (WPXI)
Fintech and venture capital investments are growing nationwide, but research shows a majority of tech startups are based in Silicon Valley and lack diversity. Experts say more than 75% of startup companies backed by investors were founded by white people regardless of gender. Several minority business leaders say one of the biggest challenges is access. Read more.
Agility, resilience and impact: How fintech charted a positive course through the global pandemic (European Sting)
When the Global COVID-19 Fintech Market Rapid Assessment Study provided a snapshot of the fintech market’s performance during the first six months of the global pandemic, the indications were that it had fared pretty well. All but one of the fintech verticals reported growth in the first half of 2020 compared to the same period in 2019, with some sectors even reporting a 21% year-on-year growth in transaction volume. But after two years of lockdowns, vaccination programmes and varying levels of governmental intervention, what impact has this had on the fintech industry? And why is this important? Read more.
How HR can use fintech to empower staff (Hcamag)
Cost of living pressures and rising inflation around the globe combined with falling real wages is affecting many Australians – making workers feel more financially stressed than ever before. In response, many Australian consumers and workers are topping up their incomes by using buy-now-pay-later (BNPL) credit platforms – in some cases, financially over-extending themselves with debt they are unable to service. RFI Global Research found that there were over 5.9 million active accounts for buy-now-pay-later platforms (such as Zip and Afterpay). This figure increased significantly from March 2021 to March 2022 with adoption rates increasing from 32% to 38% over this period. Read more.
High Demand for Digital Payments, 1.4 Billion People May Use Biometrics Payments by 2025 (Financial Magnats)
BNPL is popular among millennials and Gen Z according to a new study. Cashless payments in Southeast Asia is expected to reach $1 trillion by 2030. The heavy selling in the top cryptocurrencies (dubbed as ‘crypto winter’) has affected many companies in the field. Celsius halted withdrawals for almost 3 weeks, Three Arrows Capital (3AC) and Voyager Digital Holdings both filed for bankruptcy, job cuts and more. Read more.
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