Banking revenue in the U.S. 2010-2022
Technology adoption is changing industry dynamics
The global banking sector has been one of the most aggressive adopters of digital technologies, with investments in the Fintech industry having registered an almost 500% increase over the period 2013-2018. Notably, the U.S. stands next to China in terms of adopting fintech in banking and payments sector. Interestingly, banks have also begun teaming up with Fintech startups to improve and expand their service offerings. In retail banking, online lending platforms and mobile banking usage is on the rise.
Robo advisors opened wealth management to mass market
Fintech pioneers such as PayPal have transformed the way payments are made globally. At the same time, robo advisory services have transformed the wealth management segment and opened new business avenues to attract mass-market customers who have limited assets to invest.