Nowadays, we are witnessing a dynamically changing FinTech industry. This is evidenced by the frequent appearance and use of new, emerging technologies in the financial sector.
According to the Global FinTech Market Report, by 2025, it is estimated to reach a size of around $305 billion with an average annual growth rate of about 20%.
Consumption habits have evolved as a result of the introduction of new financial technologies that have affected the banking sector. Despite this, traditional banks try to be competitive in this area and meet all the demand.
Nowadays, FinTech is becoming more and more popular among financial institutions by bringing advanced technology, innovation and convenience to the traditional banking industry. From online and mobile banking to Artificial Intelligence (AI) and Blockchain Technology, advances in FinTech are changing the way we handle our finances.
FinTech stands for financial technology, which is reshaping how conventional financial institutions conduct business and helping to provide better banking and financial services.
FinTech, often known as financial technology, is an industry that is growing rapidly and having a significant impact on the financial services area. The term "FinTech" refers to the provision of services using the resources of emerging technologies. These activities include mobile banking, online payments, peer-to-peer (P2P) lending, investment management and insurtech. The emergence of FinTech solutions has made traditional financial institutions more vulnerable to competition (including among technology companies) and opened new doors of opportunity for both consumers and businesses.
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