From the stance of fintech in Europe to Asia and Latin America, this white paper connects fintech services to best practices for a practical approach to leveraging financial technology at a business level in the upcoming year.
So, the first part of our analysis on the future of fintech consisted of a white paper that went over the most important technologies that can help diverse businesses adapt to an ever-changing landscape.
Now, this second part goes over the fintech market outlook for 2022. It especially considers the most noticeable and latest worldwide developments. Our read presents the main challenges and barriers that institutions may be up against as they implement new technologies.
The future of fintech and its challenges
The reading encompasses four of the most relevant challenges for the future of fintech at this point. Those are mainly broken down into data security and privacy, legacy systems, regulation, and financing. The reason for that, however, is mainly to question how disruptive financial services can collaborate with a sustainable foundation for social and economic development.
Fintech is currently beating what seemed insurmountable. It exceeds use compared to video streaming services and social media by 78 and 72%, respectively. As fintech becomes widespread, we must also look into one of its biggest challenges: ensuring data security. The analysis is comprehensive as it also goes into cyberattacks. A 2019 RSA survey puts 45% of Americans with personal information compromised by data breaches in the last five years.
Our current review also entails a few considerations on regulatory concerns. It includes new markets and populations in fintech that commonly operate with limited or no regulatory guidance. Bringing the regulatory sandbox system into the mix, this content also suggests a focus on processes, cross-team communication, and a new perspective into a company’s organizational structure with solid communication channels.
Take a look at the most updated analysis on the state of fintech. We will deep dive into our nearest future from a world of challenges, but also very significant opportunities.
To explore all this and more, download this insightful white paper now.