Fintech is short for financial technology. The technology has wrought significant changes in the way the financial industry functions. And the COVID-19 pandemic has accelerated the use of fintech because of the convenience it offers in executing financial transactions.
Fintech companies have risen to the occasion by meeting consumers' ever-increasing demand for payment simplicity, money management, and access to easy credit. The popularity of fintech companies has forced traditional financial institutions to make technological investments to compete. The fintech industry is expected now to witness another boom on newer trends, such as buy-now-pay-later (BNPL), neo banks, and platform-as-a-service (PaaS). According to a Kenneth Research report, the global fintech market is expected to reach $305.70 billion by 2023, growing at a 22.2% CAGR.
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