How A Tech Entrepreneur Broke Records With A $189M Valuation Pre-Launch On The Road To $1B
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. The broader financial services market expected to reach $26.5T by 2022, achieving a 6% CAGR. 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. 72% say poor IT integration and compatibility make collaborating very difficult. The following graphic from the study shows why fintech is flourishing today by bringing innovation into the industry.