Share on StockTwits
Join our smart investors - Get the best stock directories in  blockchain, cannabis, crypto, AI, IoT, cleantech. Daily podcasts in cannabis and crpto. Just $99  a year

Fintech Platform Revenues to Reach $638 Billion in 2024, as Innovative Services Become the 'New Normal'

AI & Blockchain to Catalyse Fintech Adoption

 

Hampshire, UK - May 14, 2019 (Investorideas.com Newswire) New data from Juniper Research has found that fintech platform revenues will reach $638 billion by 2024, up from an estimated $263 billion in 2019; driven by increasing consumer acceptance of fintech-powered solutions.

According to the new research, Fintech Futures: Leading Innovators, Segment Analysis & Regional Readiness 2019-2024, technologies such as machine learning, Big Data analytics and blockchain will be the cornerstone of fintech platforms. These will fundamentally alter the way financial services are delivered and drive fintech platforms to become the 'new normal'. Such technologies will make new use cases mainstream, including smart contracts, loan underwriting using AI to analyse non-traditional data sources, and personalised insurance policies based on IoT-generated data.

For more market insights, download the free whitepaper: 'The Future of Fintech ~ The New Standard'.

Incumbents Not Idly Standing By

In light of rising customer acceptance of digital platforms for financial services, traditional players are responding rapidly. Incumbents are attempting to replicate the fintech firms' offerings; for example with digital banking offshoots (Marcus from Goldman Sachs) or new services (HSBC's Wealth Compass). The research argued that incumbents will use these strategies to appeal to users outside their normal target audience, such as millennials, to secure future revenue streams.

Where incumbents cannot replicate the fintech platforms, they are partnering with fintechs. For example, Austrian banking group Bawag is using Spotcap's lending-as-a-service platform to support SME lending. However, the research claimed that the challenge would be to integrate these partnerships in a seamless way, keeping friction low and maintaining control of the overall customer journey.

Research author Michael Larner explained: 'The distinction between the fintech suppliers and traditional incumbents will blur in the 2020s; digital engagement will become the norm. The winners will be those that provide personalisation allied to an outstanding customer experience'.

Regulation in Fintech Major Stumbling Block

Meanwhile, the research found that heavy regulatory burdens imposed on financial institutions after the 2008 financial crisis also mean that direct entry, beyond partnerships, remains unlikely in the medium term for even large technology companies.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

Contact:

sam.smith@juniperresearch.com
www.juniperresearch.com

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.

Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


Follow Us on StockTwits


Tech Stocks - Tech Stocks Directory, Tech Stocks News, Research and Resources

Get more Technology stock investor ideas - news, articles, podcasts and stock directories