Fintech is forecast to achieve a #CAGR of 25% through 2022, reaching a market value of $309B. Traditional banks’ legacy approach to IT holds them back from being more customer-centric. And in a recently published World Retail Banking Report, 2020 by Capgemini and Efma, 78% of financial services leaders said cybersecurity is the biggest obstacle to collaborating and becoming more customer-centric.
Fintech startups excel at #analytics, #AI and #machinelearning to see how they can become more empathetic and helpful to customers. Fintech startups are also succeeding today because their design provides customers the freedom to interact with them as they want and treat cybersecurity as a part of customer experience. There’s been a 667% increase in spear-fishing email attacks related to Covid-19 since February alone, further underscoring the need for designing in cybersecurity to the platform level.
Fintech startup leaders are delivering excellent user experiences with apps based on adaptive design today. They’re also able to scale how many credit cards can be on a single account and integrated into a single card using polymorphic technology that thwarts fraud attempts.
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Bottom Line: Traditional banks aren't innovating fast enough to improve credit card fraud, endpoint cybersecurity, AI-powered end-to-end identity verification and more intuitive user experiences creating new opportunities for startups. Fintech is forecast to achieve a compound annual growth rate (CAGR) of 25% through 2022, reaching a market value of $309B.
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