- “According to technological growth statistics, there are approximately 4.88 billion mobile phone users across the globe as of January 2021. 62% of the world’s population owns mobile devices.
- Over 69 million people use mobile payment services. Not only this, but also in the United States, in-store mobile payments are reaching $128 billion in 2021.
- The progression in voice technology is expected to evolve from 8% to 31% by the year 2022. Also, it is estimated that robo-advisors are capable of managing an incredible $2 trillion in assets.
- In 2019, open banking generated a revenue of $7.29 billion, and it is estimated that it will surpass the figure of $43.15 billion by the year 2026.”
“AI is likely to make its way to the operations of financial institutions, which anticipate that AI will reduce their operating expenses significantly.
AI will also help financial institutions manage security. They can then identify threats and fraud risks so they can guard their customers against cyberattacks,
Financial institutions can become more customer-centric because AI allows implementing algorithms to record customer interactions accurately.
By now, AI has already proved its usefulness to the financial sector through Chatbots. And with time, the financial industry is likely to use AI for broader purposes.”
- “Moody’s Analytics has won Best Use of AI in Banking or FinTech at the 2021 Global Achievement Awards for AI. This award recognizes the Credit Sentiment Score™ solution, an AI-powered tool to strengthen credit assessment and monitoring processes.”
- “Ant Financial operates the payment service Alipay, the online first bank Mybank.cn, credit scoring Sesame, and B2C marketplace Zhao Can Bao. By pooling and matching the massive amounts of orthogonal data from its different financial and trading services, Ant Financial creates new AI-powered services that create enormous efficiencies and ultra-targeted customisation.
- While fintech refers to financial companies deploying technology to revolutionise financial services, techfin refers to tech companies offering financial services as add-ons to their existing platforms. Alibaba’s Ant Financial above is an example. The most common trajectory in this case is to start by offering payments to improve customer experience, particularly for merchants… The second stage is to offer customised loans to merchants.”
- Large banks are launching their own fintechs. For example, Goldman Sachs launched Marcus in the US, RBS launched its own millennial-friendly mobile bank Bo in the UK, Banca Sella launched HYPE in Italy, in the UAE Emirates NBD launched its consumer digital bank Liv and is now rolling out its SME digital bank E20.”
- “The Matrix fintech Index rose 97% in 2020, compared to a 14% rise in the S&P 500 and a 10% drop for the incumbent financial service companies over the same time period.
- E-commerce undoubtedly stood out as a major driver. As a category, retail e-commerce grew 35% YoY as of Q3, propelling PayPal and Shopify to add over $160 billion of market capitalization over the year. For its part, PayPal in the third quarter signed up 15 million net new active accounts (its highest ever).”