To control persistently elevated inflation and maintain economic stability, the Federal Reserve raised interest rates to levels not seen in 22 years. The financial industry gains significantly from higher interest rates since they result in increased profit margins and investment income.
Moreover, the widespread use of mobile and internet technology has contributed to the robust demand for online financial services, particularly following the COVID-19 pandemic. The global fintech market is predicted to reach $608.35 billion by 2029, expanding at a CAGR of more than 14% during the forecast period (2024-2029).
