“Future banks will operate in different modes: direct to consumer, as-a-service, marketplace seller, and platform owner — all of which may operate concurrently. Yet no bank will do any of this alone.”
According to the latest worldwide market study by Juniper Research, the total value of B2B cross-border payments will reach $35 trillion in 2022. That’s up from a COVID-related low of $27 trillion in 2020, representing 30 percent growth.
Financial-technology companies are changing the face of finance. Over the past ten years, disruption in the payments space has expanded to every corner of finance. Even areas once assumed to be safe are seeing new entrants and competitive threats.
FinTechs have the potential to be the engines of innovation we need during the Great Reset. The findings of the World Economic Forum’s FinTech Cybersecurity Consortium provide a starting point on the path to a security management system to get them there.
China’s financial services industry is transforming at a rapid pace. Chinese policymakers have committed to opening domestic capital markets, which will create opportunities for Chinese individuals and investors as well as domestic and global financial institutions.
“Open banking IT service providers can help banks build the capabilities they desire. To do so, they are investing in business advisory assets to help financial services firms plug the gaps in their business change management initiatives. They are also investing in Fintech partnerships, talent and solutions.”
via Everest Group
RCS is a next-generation mobile messaging standard supported by mobile network operators that enable media-rich content and payment services. Juniper Research has forecast that total revenues from RCS traffic in North America will reach $712.8 million during 2020.
Over the last five years, Bitcoin users and transactions have averaged a growth rate of nearly 60% per year. Similarly, private and public investors have deepened their commitment to cryptocurrencies including Ethereum, Ripple, and Stellar — and a number of others across the industry.
According to Juniper Research, the total number of Open Banking users — who share data via Open Banking APIs to access new services — will double between 2019 and 2021; reaching 40 million in 2021, that’s up from 18 million in 2019.
While deals and dollars to global fintech companies are both down, certain parts of the fintech ecosystem actually stand to benefit long-term from the COVID-19 pandemic. Mirroring other sectors, fintech activity and investment has been muted through the first five months of 2020.
via CB Insights