Digital transformation is upon us - and banks are feeling it. It's time to think outside of the box - fintech can make you or break you. Using innovative technology to push for innovation in customer service will make all the difference between being first or last; Assuras understands this, which is why we're here to help you lead the charge towards change.
In 2021, measured in terms of capability, 15% of Assuras' revenue came from the financial services industry.
The average return on investment (ROI) Assuras has been able to deliver clients in financial services is around 65%.
Most Recent FinTech Statistics
➔ Fintech is currently worth US$187 billion and is expected to grow to be worth US$26.5 trillion by 2022. This industry has a CAGR of 6%.
➔ Fintech unicorns are now worth over 1% of the global financial industry. In a 2015 Goldman Sachs study, it was estimated that fintech may eventually disrupt up to US$4.7 trillion of revenue that traditional financial services now make.
➔ 60% of credit unions and 49% of banks in the U.S. believe that fintech partnership is important.
➔ One of the biggest fintech products is digital payment, which holds 25% of the fintech market.
Our Contribution — Services
Some of the services Assuras can provide in the fntech and fnancial services sector include:
- Consulting on fntech and fnancial services regulatory compliance
- Assistance with the development of fntech and fnancial services products
- Provision of legal advice on fntech and fnancial services matters
- Advising on fntech and fnancial services marketing and advertising compliance
- Conducting training on fntech and fnancial services regulatory requirements
- Assistance with the preparation of fntech and fnancial services licensing
Current State of Industry
In recent years, there has been a shift in the fnancial services sector towards
digitalization and automation. This has been driven by a number of factors, including the increasing use of mobile devices and the need for faster and more effcient services. In addition, there has been a growing demand for personalized and customized services. As a result, fnancial institutions are investing in new technologies, such as artifcial intelligence (AI) and big data, to improve their customer experience.
The fnancial services sector is facing increasing regulatory pressure. In response, institutions are investing in compliance management solutions to help them meet regulations.
Finally, the sector is also dealing with a number of challenges, such as the increasing costs of customer acquisition and the need to provide better customer service.
The future prospects of the fnancial services sector are looking very bright for companies. The industry is constantly evolving and changing, and new technologies and products are constantly being developed. This means that there are always new opportunities for companies to grow and expand their businesses. The fnancial services sector is also becoming increasingly global, so companies that are able to operate in multiple countries will have a competitive advantage.
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