If sixty years ago the success of the bank could be measured by the size of the chandelier and the height of the ceiling in its headquarters, today it is not necessary for a bank to even have a branch. Now, it is more important to give people ease of managing finances online.
With the great rise of the FinTech market, more and more FinTech startups and financial organizations have an urgent need to develop digital solutions to gain a competitive edge and stay in business. While financial software development requires talent and expertise, most companies turn to fintech development outsourcing.
Despite the pandemic, the FinTech sector managed to attract $44 billion of investments in 2020 – making it the third-best year in history. The Q1 of 2021 brought $22.8 billion in funding, more than half of the 2020’s overall investments. You might be wondering: why is FinTech growing so quickly?
When was the last time you got annoyed with how a particular financial institution works, or why it lacks a specific solution or service? If often, then you are not alone. Most people become extremely demanding as modern technology gets us used to speed, accessibility, and convenience.
2020 was a game-changing year for the FinTech market. The transition to online reshaped the industry and gave a huge lift to innovations. Banking became more business-oriented, payment cards gave way to mobile apps, transactions became more “invisible” – and that’s just a small part of how the FinTech industry is evolving.