The characteristics of the digitization process of financial services include: simplified access for end users via the Internet or mobile Apps, an increase in the processing speed of automated processes, reduction in costs, a stronger focus on customer service, more convenience, higher transparency and the exploitation of network effects.
The FinTech market is characterized by a rapidly growing number of startups and businesses without bank licenses (non-banks). For an overview of the total potential of the FinTech market, a split between classic banks and non-banks is not sensible, because consolidation processes, co-operations and white label solutions mean that there will be no clear differentiation in the future. Therefore, a functions-oriented segmentation is preferred, based on an access- or business model-based split of the market. FinTech start-ups tend to focus on selected parts of the financial value chain and try to unbundle traditional bank business models.
All monetary information in the FinTech section of the Digital Market Outlook refers to the potential transaction volumes of the respective segments and not corporate revenue.
The following are not included in the current market definition: agency commissions via metasearch engines, for example, in the credit and insurance sector, business-to-business payments, API management, agencies and external credit scoring, crypto currencies (including Bitcoin) and complementary services such as online identification or account management.
- Digital Payments, incl. Mobile POS Payments & Digital Commerce
- Online Crowdfunding (equity- and reward- based)
- Robo-advisors and automated wealth management services
- Marketplace lending (peer-to-peer platforms) for businesses & personal loans
- Metasearch engines / lead-generation business models
- InsureTech or insurance related services
- Business-to-business payments
- Credit scoring and API management
- Crypto-currencies and blockchain technology
FinTech Report 2020
Statista Digital Market OutlookDownload
Transaction Value Transaction Value Growth
in the FinTech market in million € in percent
- Transaction Value
- Transaction Value Growth
in the FinTech market in millions
We are still at the earliest stages of true FinTech as the future impact of cloud computing, IoT, artificial intelligence, and blockchain cannot even be estimated yet. Each year, tech companies are digging deeper into the financial services value chain and also creating new market structures in underbanked developing countries. Pure FinTech players are now sharing the market with some banks which provide new, digital-friendly banking services and integrate digital payments, microfinancing, and robo-advisor services into existing bank accounts.
av. Transaction Value per User
in the FinTech market in €
The FinTech data is based on Statista’s primary research (the Statista Global Consumer Survey), bottom-up modeling, market data from independent databases and third-party sources, the analysis of various key market and macroeconomic indicators, historical developments, current trends, the reported performance indicators of the key market players, and Statista interviews with market experts.
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