In recent years, cashless payment has become increasingly prevalent, whether using conventional methods or innovative and convenient financial services on mobile phones. This trend will make our economy and financial system more efficient.
“The past few days should be a wake-up call for everyone in financial services. For any firm, the time to power up digital and CX transformation work is here — the disruptors are at the gate, but it is not too late.”
According to the latest market study by Juniper Research, insurers will spend $634 million on Robotic Process Automation (RPA) solutions by 2024, rising from $184 million in 2019 — that’s a 245 percent increase over the next 5 years.
Despite a strong growth outlook from a revenue perspective, the blockchain market beyond financial and insurance applications is struggling to evolve, due in large part to the lack of a middleware class of blockchain offerings, which can help tie-in Blockchain-as-a-Service (BaaS) with applications from startups.
“Over the past several years, fintech firms have disrupted traditional banking paradigms. By combining modern technology with a laser focus on improving consumer experiences, large and small fintech firms have brought unprecedented changes to the banking industry.”
via Financial Brand
According to Juniper Research, the applications of unique mobile identifier services, which provide secure digital identity verification through SIMs, will generate over $7 billion for mobile network operators in 2024. This estimate is up from an expected $859 million in 2019 — a growth rate of over 800 percent.