Fintech

Fintech software market size is set to grow by $22.65 billion during 2024-2028, the need to improve business efficiency to stimulate the market, Technavio

Published

8 months ago

13 June, 2024

Fintech software market size is set to grow by $22.65 billion during 2024-2028, the need to improve business efficiency to stimulate the market, Technavio

NEW YORK , June 12, 2024 /PRNewswire/ — The global fintech software market size is estimated to grow by $22.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 7.81% during the forecast period. The need to improve business efficiency is driving market growth, with a trend towards increasing demand for data integration and visual analytics. However, privacy and data security concerns pose a challenge. Major market players include Accenture Plc, Bankable Domain Inc., Blockstream Corp. Inc., Cisco Systems Inc., DXC Technology Co., Fingent, Hewlett Packard Enterprise Co., Infosys Ltd., Intel Corp., Intellectsoft LLC, International Business Machines Corp., iTechArt Group Inc., LeewayHertz, Microsoft Corp., Oracle Corp., Praxent LLC, Red Hat Inc., SAP SE, SAS Institute Inc. and Serokell OU.

Technavio has announced its latest market research report titled Global Fintech Software Market 2024-2028

Get detailed analysis on regions, market segments, customer landscape and companies- View the snapshot of this report

Fintech software market scope
Report coverage	Details
Reference year	2023
Historical period	2018-2022
Forecast period	2024-2028
Momentum of growth and CAGR	Accelerates at a CAGR of 7.81%
Market growth 2024-2028	22655.1 million dollars
Market structure	Fragmented
YoY growth 2022-2023 (%)	7.24
Regional analysis	North America, APAC, Europe, South America, Middle East and Africa
Contribution to the running market	APAC at 42%
Key countries	United States, China, Japan, United Kingdom and France
Profiling of the main companies	Accenture Plc, Bankable Domain Inc., Blockstream Corp. Inc., Cisco Systems Inc., DXC Technology Co., Fingent, Hewlett Packard Enterprise Co., Infosys Ltd., Intel Corp., Intellectsoft LLC, International Business Machines Corp., iTechArt Group Inc., LeewayHertz, Microsoft Corp., Oracle Corp., Praxent LLC, Red Hat Inc., SAP SE, SAS Institute Inc. and Serokell OU

Market drivers

Fintech software plays a crucial role in enabling businesses to integrate and analyze large amounts of data from various sources for informed decision making. Its real-time capabilities facilitate data monitoring, transformation and distribution, bridging the gap between business and IT. With increasing globalization, fintech software helps connect people and systems around the world.

Companies integrate fintech with business analytics software and visual analytics tools for dynamic data representation, highlighting key metrics through charts and graphs. These factors contribute significantly to the growth of the fintech software market.

The Fintech software market is experiencing significant growth with various technologies and regulations shaping its landscape. Regtech is a key trend, focused on regulatory compliance through automation and artificial intelligence. Securitization is another trend, with companies using technology to create and trade financial securities. Blockchain technology is also transforming the industry, providing secure and transparent transactions.

Programming languages like R and Python are widely used for Fintech development. Venture capital funding is fueling innovation in areas such as artificial intelligence, capital and fintech infrastructure. Overall, the Fintech software market is dynamic and innovative, driven by technological and regulatory trends.

The research report provides comprehensive data on the impact of the trend. For more details- Download a sample report

Market challenges

The adoption of fintech software in organizations faces challenges due to data privacy and security risks. Big data and artificial intelligence capabilities enable the monitoring, retrieval, and analysis of data from connected servers, while altering server algorithms.
Unauthorized access to IT infrastructure and system defects resulting from open source code pose risks. Cloud infrastructure, with its multitenant architecture and shared resources, is particularly vulnerable to hacking attacks and data breaches. These concerns could limit the growth of the fintech software market.
The Fintech software market is experiencing significant growth, with various solutions and programs emerging. However, this growth comes with challenges. Companies face integration issues when implementing new technologies. Consumer privacy and security are top concerns.
Additionally, regulations like GDPR and CCPA add complexity. Older systems may not be compatible with new technologies, making modernization a challenge. Furthermore, maintaining and updating Fintech systems can be expensive and time-consuming. Finally, it is essential to ensure scalability and adaptability to changing market conditions. Addressing these challenges requires a strategic approach and continuous innovation.

For further insights into drivers and challenges: Request a sample report!

Segment overview

Distribution

1.1 Cloud-based
1.2 On site

Final user

2.1 Banking
2.2 Insurance
2.3 Titles

Geography

3.1 North America
3.2 APAC
3.3 Europe
3.4 South America
3.5 Middle East and Africa

1.1 Cloud based- The cloud-based fintech software market is expected to expand significantly during the forecast period. Key factors include cost savings, scalability and innovations in data security. Cloud solutions allow financial companies to store critical data on-premise and rarely used data on public servers, optimizing costs. Additionally, cloud-based software offers flexibility to scale resources as needed, making it an attractive option for organizations. These advantages are expected to fuel the growth of the cloud-based segment in the fintech software market.

For more information on market segmentation with geographical analysis including forecasts (2024-2028) and historical data (2017-2021) – Download a sample report

Research analysis

The Fintech software market is experiencing significant growth, driven by the integration of modern technologies such as artificial intelligence (AI), Blockchain and cloud-based solutions in the financial sector. Application programming interfaces (APIs) play a crucial role in enabling seamless communication between various financial applications and services. Financial institutions, including insurance companies and banks, are leveraging Fintech software to enhance their service proposition, offering consumers innovative savings and investment solutions and other service propositions.

E-commerce sites and mobile banking apps are also integrating Fintech software to streamline transactions and improve customer experience. Regulatory standards set by national regulators and the World Bank ensure the safe and ethical implementation of Fintech solutions in the financial technology landscape. Fintech computer programs and software are transforming the way consumers manage their financial needs, making financial services more accessible and convenient.

Market Research Overview

The Fintech software market is a dynamic and innovative industry that focuses on leveraging technology to improve and automate financial services. This sector includes various applications such as digital payments, lending, wealth management and insurance. The market is driven by factors such as increasing smartphone usage, growing internet penetration and the need for efficient financial solutions. Programming languages such as Python and Java are commonly used in Fintech software development.

Security is a top priority in this industry, as encryption and biometric authentication are essential features. Additionally, regulatory compliance and data privacy are significant concerns. The market is segmented based on application areas and geographical areas. It is expected to grow significantly in the coming years due to the growing adoption of digital financial services.

Summary:

1 Executive summary
2 Market landscape
3 Market sizing
4 Historical dimensions of the market
5 Analysis of the Five Forces
6 Market segmentation

Distribution
Final user

Banking
Insurance
Titles

Geography

North America
APAC
Europe
South America
Middle East and Africa

7 Customer landscape
8 Geographic landscape
9 Drivers, challenges and trends
10 The corporate landscape
11 Business analysis
12 Appendix

About Technavio

Technavio is a world-leading company in technology research and consultancy. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 dedicated analysts, Technavio’s report library includes more than 17,000 reports and counting, covering 800 technologies, across 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market insights to identify opportunities in existing markets and potential and evaluate their competitive positions within evolving market scenarios.

Contacts

Technavio research
Jess Maida
Media and marketing manager
United States: +1 844 364 1100
United Kingdom: +44 203 893 3200
E-mail: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

Published

6 months ago

29 July, 2024

FinCrypto Staff

Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fintech

Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Fintech

Rakuten Delays FinTech Business Reorganization to 2025

Published

6 months ago

29 July, 2024

FinCrypto Staff

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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Fintech

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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