The global FinTech market has witnessed incredible growth in the past few years. This sector is forecasted to reach a market value of nearly $324 billion by 2026, growing at a compound annual rate of 23.41 per cent from 2021 through 2026. Thanks to mobile devices, applications and cloud computing, on-demand finance has been embraced extensively by customers, making FinTech investments higher more than ever now. Financial firms are hence taking radical actions towards adopting more FinTech solutions to solve customer problems better and streamline their operations.
Among many, one of the most popular trends is the growing prominence of blockchain that eliminates the requirement of a central intermediary for asset transfers. In this case, assets are not constricted to money alone and can be titles, home sales, or vehicles. Besides, the importance of open banking has increased with FinTech facilitating open banking APIs and collaboration that helps build bank ecosystems to go beyond financial services and improve consumers’ satisfaction levels. One of the most vital trends that comes along with the implementation of FinTech solutions is the improved security of financial data. With cybersecurity risks rising each day, Fintech ensures not only the financial data security but also facilitates in convenient transactions, leading to smooth operations and seamless cash flow in the financial system. The FinTech industry is also disrupted by AI and ML technologies today, offering high-quality automated services through quick data processing. Further, AI-based chatbots and personal digital assistants for customer support are trending across the sector. With voice assistants, the FinTech companies are better engaging customers with their products today by providing conversational services, reducing the need to write long messages, and improving customers’ financial literacy by offering vital advice on savings, investments, deposits, and more.
Despite a tremendous penchant for adopting disruptive FinTech solutions, in a highly regulated space like financial services, there remains a potential risk of companies failing the regulatory scrutiny. However, building appropriate partnerships and industry alliances can help integrate these new technologies and implement them without violating the strict regulatory framework. On this note, CIOApplications Europe has tried to bring out the top-in-class companies offering a wide array of FinTech solutions. Our distinguished panel consisting of prominent CEOs and CIOs, analysts, VCs, including the editorial board of the magazine have compiled this edition to bring to light the best-in-class companies in Europe. Besides, the magazine comprises valuable insights from industry experts, CIOs, and CXOs on the current trends, technological improvements, and innovations and portrays their expertise.
To offer readers vital insights into the FinTech space, CIOApplications Europe presents to you “Top 10 FinTech Solution Providers - 2021”.
