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January 18, 2024

Consumer Demand Fuels Resilient Fintech Growth: A Thriving Industry

– A new report from the World Economic Forum highlights the growth and resilience of the global fintech industry, stating that customer growth rates are averaging above 50% across industry verticals and regions.
– Consumer demand is the main driver of growth, as fintechs offer tailored financial services to traditionally underserved segments of the population.

According to a new report from the World Economic Forum (WEF), the global fintech industry remains strong and continues to expand financial services offerings to underserved consumers and businesses. The report, titled “The Future of Global Fintech: Towards Resilient and Inclusive Growth,” draws on data from over 200 fintech companies across five retail-facing industry verticals and six regions to provide a comprehensive view of the fintech ecosystem.

One key finding of the report is that consumer demand is the main driver of growth in the fintech industry. Fintech companies are offering tailored financial services and products to traditionally underserved segments of the population, such as small businesses and individuals with limited access to banking services. This focus on inclusion and accessibility has contributed to the industry’s resilience and growth.

The report also highlights the importance of a supportive regulatory environment for the fintech industry. While the majority of fintech companies view their regulatory environment as adequate, many still face challenges with regulatory compliance and licensing processes. The report suggests that policymakers and regulators should work to streamline compliance processes and improve consumer education to support further responsible growth of the fintech industry.

Overall, the report provides valuable insights into the state of the global fintech industry and offers actionable recommendations for policymakers and private sector decision-makers. With consumer demand driving growth and a focus on inclusion and accessibility, the fintech industry is expected to continue expanding and providing innovative financial services to underserved populations.