Fintech Market

• The global fintech market, which will pin its worth at approximately USD 305.7 billion by 2023, at a CAGR of 22.17% during 2018-2023.
• North America is the leading contributor to the global fintech market and is expected to reach USD 80.85 billion by 2023.
• The US fintech market's transactional value's CAGR is 8.6% over the forecast period of 2019-2024.

Fintech Trends:

• Fintech is growing on a global scale with deals outside of core markets (US, UK, and China) accounting for 39% of deals. The US remained the top market for deals with 659 investments worth $11.89 billion funding, both a new annual high.
•  More fintechs cater to millennials: "Flyhomes tweaks the mortgage lending process to allow ordinary buyers to make all-cash offers. Divvy lets home buyers rent to own. Goodly allows employers to contribute to their employees’ student loans. Many startups and digital-first companies also offer small business loans, albeit often at exorbitant rates. " These means that banks should look for new ways to serve younger customers’ needs, which are markedly different from older generations. Helping millennials finance their goals will yield dividends in customer loyalty and increased revenue.
•  Paychecks are unbundling: Many fintech startups are disrupting the traditional paycheck, making the consumer experience as seamless as possible. "Earnin and PayActiv give customers affordable advances on their payroll. Other apps, like Even, integrate financial planning advice with payroll advances." Seventy-two percent of customers mostly access their bank accounts online, while about 18% go to a bank branch.