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Laxman Pai, Opalesque Asia:

The global fintech market size was USD 100.09 billion in 2020 and is expected to register a revenue CAGR of 8.5% to reach USD 190.80 billion during 2021 - 2028, boosted by rising demand for digitization in organizations.

According to the latest report by Reports and Data, major factors driving market revenue growth are rising demand for smartphones and banking apps, increasing investment by private investors in fintech companies, rapid Internet penetration, implementation of Artificial Intelligence (AI) and blockchain technologies across various operations and processes, and increasing disposable income.

"Fintech or financial technology is a combination of financial solutions and advanced technologies. Fintech is based on advanced technologies and solutions for delivering value-added banking and financial solutions more efficiently," said the study.

Financial organizations and banks are using various technologies and solutions such as AI, analytics, blockchain, mobile commerce, cloud infrastructure, cryptography, biometrics, cybersecurity, and RPA to offer more advanced and effective financial solutions and to improve their customer experience.

Some key applications of fintech are retail banking, stock trading firms, investment banking, hedge funds, and others. The retail banking segment accounted for the largest revenue share in the global market in 2020. This can be attributed to rising preference for retail banking due to its ma......................

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