visimoney
The Future of Fintech Report, produced by the World Economic Forum (WEF) and the University of Cambridge, was unveiled during the WEF’s 54th annual meeting in Davos. The report highlights that artificial intelligence (AI) will have the greatest impact on the fintech industry over the next five years. The report also reveals that the global fintech industry is continuing to grow, driven by strong consumer demand and making strides to extend financial services to underserved consumers. The report gathered data from 227 fintechs operating across five industry verticals and six regions to provide a global outlook. Key findings include:
- The global fintech industry remains strong, with customer growth rates averaging at least 50% across industry verticals and regions.
- AI is the most relevant topic for the development of the fintech industry over the next five years.
- Macroeconomic factors and the funding environment are the top hindering factors for overall growth.
- Fintechs are expanding financial services to underserved segments, including female, low-income, and rural or remotely located customers.
- Fintechs reflect favorably about their regulatory environment, with 64% rating it as adequate.
The report emphasizes the need for an appropriate and adequate regulatory environment that matches the pace of financial innovation. Fintechs also highlighted the lack of incentives for contributing to environmental and inclusion goals. The findings underscore the importance of sustained data gathering and support from public and private sector actors within financial services to overcome challenges and realize social and economic benefits from the fintech industry.
