Driven by rapid urbanization, strong demand from millennials and favorable regulations, the global fintech industry is at an inflection point and set to drive major digital transformation in the financial services industry.
The 2008 crisis is credited for the surge in fintech companies, as the focus of financials, particularly banks, shifted to comply with post-crisis regulatory developments and cost-cutting measures.
Fintech companies appeared on the scene to fill this void, but, they later took off as standalone companies forming relationships with banks.
The Fintech Ecosystem
Investments in fintech have grown exponentially, from $1.8B in 2010 to $19B in 2015.
Source: CB Insights
North America Consumer Bank Case Study
Source: Citi Fintech Study 2015