Financial Technology
The Freshest FinTech Stats You Cannot Ignore In 2024!
By TechDogs Editorial Team
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Overview
Yet, there's more – digitization isn't about faster payments. FinTech is changing the game and rewriting the entire rulebook. If you want to stay updated in the modern monetary realm, what better way than to explore the FinTech industry through the lens of stats, facts and figures?
So, hop on as we explore the freshest FinTech Stats you cannot miss in 2024!
As consumers and businesses embrace FinTech innovations, the way the world interacts with financial services is being redefined, offering greater convenience, efficiency and security. So, you must know about the latest in digital payments, accounting software, crypto and other innovative financial solutions that are shaping the future of money management.
So, buckle up and get set to crunch the numbers as we present the must-know FinTech Stats of 2024!
The Freshest FinTech Stats You Cannot Ignore In 2024!
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179 billion dollars is the estimated valuation of the FinTech industry in 2023. The burgeoning fintech space has empowered businesses by fostering rapid innovation and efficiency in financial services, enhancing their operational agility and customer experiences. - Source: EMR
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1% of the global financial industry's market share is held by FinTech. This shows that while Fintech is growing its presence globally, it only has a trivial share in the global financial industry, with several opportunities to grow. - Source: Brimco
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30,000 FinTech startups exist globally. This stat highlights the proliferation of FinTech startups fostering innovation and providing consumers with diverse solutions to enhance customer experiences, streamline operations and drive efficiency. - Source: Exploding Topics
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63% of insurance company CEOs believe IoT will be strategically important to their business. This stat from the insurance sector shows the widespread adoption of IoT to enhance risk assessment accuracy and operational efficiency, leading to more informed decision-making and cost-effective practices. - Source: PWC
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95% of all customer interactions are expected to be powered by AI in the next decade. Enhanced Customer Engagement: AI-driven interactions pave the way for personalized, efficient, and seamless customer experiences, fostering stronger relationships and boosting overall satisfaction. - Source: Brimco
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1 trillion dollars is the expected worth of the digital peer-to-peer (P2P) lending market by 2025, a significant increase from 3.5 billion dollars in 2013. This stat shows that digital P2P lending will facilitate unprecedented access to capital for businesses, fostering financial inclusivity and enabling streamlined borrowing processes that drive economic growth. - Source: Statista
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96% of consumers across the globe are aware of at least one alternative fintech company or service. The widespread awareness of alternative FinTech options enhances market competition and encourages financial innovation, fostering a dynamic and responsive industry landscape. – Source: Brimco
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67% of accountants prefer cloud-hosted accounting solutions over on-premises accounting software. The widespread preference for cloud-hosted accounting software is due to its enhanced operational flexibility and collaborative features that foster streamlined financial processes and real-time accessibility. - Source: Flexi
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2.8 trillion dollars in assets will be managed by robo-advisors by 2023. This stat shows the widespread adoption of AI-driven robo-advisors is enhancing financial accessibility and portfolio management efficiency for businesses and individuals alike. - Source: Brimco
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29,600 dollars is the estimated transaction value per FinTech user by 2027. This figure shows a substantial increase in FinTech user transaction value is expected to contribute to higher revenue streams for businesses. - Source: G2
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40% increase labor productivity is expected to be driven by AI by 2035. The widespread adoption of AI technologies is poised to significantly enhance operational efficiency and streamline business processes, fostering a new era of productivity in FinTech. - Source: Brimco
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42% drop in the use of cash at all points of sales has been seen since 2019. The decline in cash usage is driven by the enhanced operational efficiency and transaction processing offered by FinTech solutions. - Source: Brimco
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75% of accounting tasks can be automated with accounting software. Streamlining accounting processes through automation is vital, as it enhances operational efficiency, reduces human error and enables businesses to allocate resources more strategically. - Source: GoRemotely
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88% of legacy banking companies fear they’ll lose revenue to FinTech firms. This significant figure shows that legacy banking companies will need to adopt digital transformation to remain competitive in the face of emerging fintech businesses. - Source: Brimco
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92% of accountants are not future-ready. This critical figure shows that there is limited future readiness among accountants that may hamper business agility and adaptability in the evolving financial landscape. - Source: GoRemotely
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82% of traditional financial companies plan to increase fintech partnerships in the next 3 to 5 years. Embracing fintech partnerships will enable traditional financial companies to enhance innovation, streamline operations and stay competitive in the evolving FinTech landscape. - Source: Brimco
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44% of TMT (Technology, Media and Telecommunications) and 37% of FS (Financial Services) organizations have incorporated emerging technologies into their products and services. This highlights that incorporating emerging technologies is critical in enhancing product and service offerings, adding to the competitive advantage for TMT and FS organizations. - Source: Brimco
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67 billion dollars is the predicted worth of blockchain technology by 2026. Blockchain technology is poised to revolutionize financial service businesses by enhancing transparency, security and efficiency to foster higher trust among stakeholders. - Source: Brimco
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51% of consumers aged 18 to 24 and 49% aged 25 to 34 put their trust in fintech entities, while only 39% and 42% of these age groups trust traditional banking, respectively. This stat shows that FinTech firms resonate more with younger generations and its appeal in younger demographics over traditional banks presents a strategic advantage for companies aiming to capture and retain the burgeoning Gen-Z market. - Source: G2
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60% of users already make mobile payments with their smartphone. The widespread adoption of mobile payments is enhancing customer convenience and accelerating transaction speeds to foster a seamless shopping experience. - Source: Brimco
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70% reduction in fraud investigation time and 90% improvement in accuracy is witnessed when AI-powered fraud detection systems are leveraged. This shows that AI-powered fraud detection systems significantly enhances operational efficiency and expedites fraud investigations with a substantially improved accuracy. - Source:G2
It’s A Wrap – Not Really!
In the fast-paced world of FinTech, the numbers speak for themselves!
As the industry continues to experience exponential growth, it's clear that FinTech is here to stay. The disruptive force of financial technology has reshaped entire industries and is showing no signs of slowing down.
As we wrap up this article understand that we've only scratched the surface of the exciting developments, innovation and opportunities in the FinTech space. The good news? We will add more captivating stats and insights from the world of FinTech to keep you ahead of the curve. Bookmark this page and come back soon for another deep dive into the thrilling world of FinTech stats!
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