Category: Fintech

United States Fintech Market 2023 : Development and Key Factors

Report Ocean has recently published a comprehensive study on the United States Fintech Market, covering the prediction period of 2023-2031. Throughout the years, this report has diligently examined the industry, taking into account various factors such as macroeconomic parameters, consumer buying patterns, microeconomic parameters, GDP growth rate, inflation rate, and market demand-supply scenarios.

New Trends in Fintech Growing for 2024

The fintech industry is growing rapidly, and it is expected to continue to grow in the years to come. In 2024, the global fintech market is projected to reach $324 billion. This growth is being driven by a number of factors, including the increasing adoption of digital payments, the rise of mobile banking, and the growing demand for financial services by underserved populations.

The history and evolution of the fintech industry

The financial technology (fintech) industry has its roots in the late 20th century, with the advent of electronic banking and online stock trading. Since then, fintech has expanded and changed over time as a result of technological and internet advances. As a result, new financial services and products have been created with the intention of enhancing accessibility, simplicity and effectiveness in the financial services industry.

US Treasury addresses impact of fintech-bank partnerships

Fintech firms and other non-bank companies have “augmented consumer finance markets” and “accelerat[ed] an evolution in consumer financial products and services.” Evidence also suggests that these firms have expanded consumer access to credit, payment solutions, and low-cost bank and transaction accounts. That’s the overall assessment of a recent report put out by the US Dept. Treasury on the state of competition in the fintech marketplace. While cautioning that it can be hard to get good data on this fast-changing marketplace. Whatsmore noting that some new entrants might be “sidestepping” comprehensive regulatory supervision, the Treasury Report concludes that these new entrants could increase competition in consumer financial services. Also, there is potential for this competition to benefit consumers by lowering prices, improving convenience, and leveraging more advanced technology. The Treasury Report also offers several suggestions to enhance and streamline supervision of the fintech sector.

Crypto winter may temper fintech earnings

Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit. Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.