Fintech is the portmanteau for financial technology and it seeks to automate and improve the use and delivery of financial services. Fintech at its core, is used to help business owners, companies and customers to better manage their financial operations and lives by using specialized algorithms and software that can be used on the smartphone and computer.
According to research by a leading market research company, the global fintech market, which will be worth USD 305.7 Bn by 2023, expanding at a CAGR of 22.17% during the 2018-2023 period fintech has expanded to include any technological automation and innovation in the financial sector, be it streamiling of wealth management, advancement in financial literacy and education, retail banking, money transfers and payment, investment management and lending borrowing activities.
According to research by a leading market research company, the global fintech market, which will be worth USD 305.7 Bn by 2023, expanding at a CAGR of 22.17% during the 2018-2023 period fintech has expanded to include any technological automation and innovation in the financial sector, be it streamiling of wealth management, advancement in financial literacy and education, retail banking, money transfers and payment, investment management and lending borrowing activities.
Financial technology has changed the way we engage with our finances and manage our money. The global fintech market faces several challenges that need to be tackled immediately.
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1. Regulations: if we take into consideration businesses in the UK, the introduction of EU’s General Data Protection Regulation (GDPR), financial companies need to invest time and resources to comply with the new rules. Bigger companies have entire teams to tackle this issue, however, smaller fintech groups have only a single person at best to bear the burden of these regulations.
2. Cyber security: warding off the curse of cyber-attacks is the major challenge for businesses and governments around the world. This is a serious concern for fintech companies, given the amount of sensitive client data they hold. Money companies devote lots of money and time on cyber security to avoid any kind of attack, especially with the increased frequency and level of sophistication in cyberattacks.
While the road ahead for the global fintech market is long and winding, forward planning and continuous research and development will help companies tackle these issues with ease.
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