According to Brimco, The global fintech market is projected to reach $305.7 billion by 2023. Banking and payments are currently at the forefront of this movement, with companies like Monzo, Revolut, and N26 making waves in the industry.
Financial technology (Fintech) is an emerging sector that has been transforming the way people interact with their money for more than a decade now. In 2008, when Bitcoin was released and blockchain technology was introduced, we witnessed the advent of Fintech.
Fintech companies are becoming more prevalent in today's society with new companies being launched on a daily basis, some of them making headlines while others fade into obscurity. It’s hard to predict which ones will be successful and which ones will fail because they all have different value propositions and target demographics;
however, it can be said that there are two trends emerging in Fintech:
A focus on improving customer experience by focusing on the user’s needs
Expanding its product offerings by venturing into industries outside banking as well.
5 Best FinTech Apps of 2023 (refd. Space o Technologies)
MoneyLion - This is one of the best FinTech apps in the USA, which provides its users with financial advice and access to loans. Although this six-year-old startup allows managing personal finance, it operates as a part lending, part savings, and part wealth management app as well.
Chime - The Chime app is a mobile-online banking service that allows users to manage their spending and saving accounts with no hidden transaction fees. It’s one of the best budgeting tools because it provides users with various automatic saving alternatives. Its sizeable free ATM networking makes Chime one of the most convenient FinTech banking apps across the USA.
Mint - Mint app is well known and one of the successful FinTech mobile apps based in the USA when it comes to collecting relevant info such as accounts, user cards, and transactions. The app enables you to pay bills, manage your transactions and spending, and even helps you create a budget.
Coinbase - Blockchain is becoming a trending technology in the FinTech industry, allowing users to navigate the blockchain and cryptocurrency world. The Coinbase app is the largest cryptocurrency exchange based in the USA.
N26 - This personal finance management app enables fast, flexible, and transparent money management tools to control finances. In addition, it allows two free nationwide ATM withdrawals per month.
What are the Most Significant Current Fintech Trends?
Fintech is evolving. We're seeing big changes in how consumers interact with their money, as well as how banks and financial institutions interact with each other.
The top 10 fintech trends to watch in 2023
Blockchain technology
Green finance
Embedded finance
AI- based payments and solutions
Digital exchange and trading platforms
Peer - to peer finance and credit
Hyperlocal financial services
Digital - only banking
RegTech
Collaboration , not competition
Conclusion
Fintech trends like blockchain and cryptocurrencies are also having a major impact on the world. They are revolutionizing how we do business and how we think about money -these changes will only continue to influence our lives in the coming years.