Good news for the fintech industry: the predicted financial market recession is turning out not to be as bad as previously estimated, while the previous-year investment in digital transformation start bringing tangible benefits.
In the article, Dmitry briefly covers the recent statistics on digital banking use in the US and the digitization of brick-and-mortar banks in the UK and Germany. They close hundreds of branches and optimize the ratio of online VS offline presence.
He includes examples of introducing new features at neobanks that rapidly react to market changes and comments on the growing cryptocurrencies rate.
Other points of growth for the fintech market are:
- the expanded AI and ML use in fraud detection, process optimization, credit scoring, and customer relationship management.
- the area of digital lending, especially P2P lending platforms
- accessible finance and financial literacy
- contactless payments
Read the full article on Forbes:
2021 is a promising year for fintech initiatives, investments, and startups. If you are there with an idea of a lending business, the HES FinTech team is there to help. Contact us for more information.