Technology-enabled financial products and services are disrupting the FinTech industry. The new products, services, and solutions are equipped with advanced technologies such as cloud, Internet of Things (IoT), analytics, artificial intelligence (AI), and machine language (ML). The objectives of the study are to explore:• The emerging products and services• The trends in the tech-enabled sub-segments of the financial services industry• The drivers and restraints in the new ecosystem• Trends across different regions• Growth opportunities across the industry
The use of technology across the financial services industry is growing. Some of the more popular products and services are likely to be the ones that serve previously untapped market segments. Trends that are unique to local markets tend to stand out and find greater acceptance by the consumers. Similarly, start-ups with unique value propositions and strong technology back-up will do well. Incumbents across the world are slow to respond to these trends; however, there are clearly some outliers. The research provides insights into strategic and positioning decisions and discusses growth opportunities across different areas such as technology, business models, services, and products. Different stakeholders in the industry use different methods to stay relevant in a changing marketplace. For instance, they may:
- Launch new products and services
- Partner with other companies in the ecosystem to achieve significant and rapid changes
- Increase the use of tech-enabled solutions across all functions
- Invest in research to experiment with new technologies
- Assess consumer demand to design products and services
Key Issues Addressed
- What are the key sub-segments in the financial services industry?
- What kind of growth can be expected for these key sub-segments?
- What are the significant growth opportunities in the industry over the next two to three years?
- What is the impact of global Mega Trends, disruptive technologies, and new business models on the future of the market?
- What are the trends across different regions globally?
Disruptions in the financial services industry can be witnessed across a wide range of segments. The emergence of services such as PayTech, RegTech, InsurTech, and digital banking highlight the ways in which digitalization has impacted the industry. As consumers demand improved access and anytime-anywhere services, governments and regulators are striving to lower costs and achieve greater transparency by using technology. Going forward, many innovative solutions can be expected as different stakeholders in the industry collaborate to enhance industry performance.