FinTech Report 2023

Statista Digital Market Outlook

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The rising number of internet and smartphone users as well as the aftermath of the financial crises of the early 21st century have led to the digitization of many financial products. FinTech, a combination of financial services and technology, has been rapidly evolving in the last decade. We have identified four major market where innovative digital products and services challenge established players in the financial services field: Customer focus, digital touchpoints, higher levels of security and convenience make up the core elements of the growing FinTech movement. In this report, we consider the rapidly evolving FinTech market. We have identified four major market where innovative digital products and services challenge established players in the financial services field.

FinTech, a combination of financial services and technology, is highly important for Digital Payments, whether that be Digital Commerce (mainly online shopping transactions), Mobile POS Payments (making offline payments using digital payment technology) or Digital Remittances. Other markets include Digital Capital Raising, which involves all kinds of crowd financing for small businesses or creative/innovative projects, P2P Marketplace Lending and Crowdlending for business purposes. Digital Investment market includes automated private asset allocation in the form of Robo-Advisors, as well as Neobrokers. Neobanks that provides financial services to customers exclusively through online and mobile platforms, without physical branches

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