UBS thinks fintech will drive a major digital transformation in the financial services industry
According to the research, global fintech revenue is anticipated to grow to $265 billion in 2025, compared to $120 billion in 2017.
The study also found that Millennials are accounting for 27% of the global population are set to hold $24 trillion of the world’s private wealth which is 1.5 times higher compared to $16.9 trillion in 2015.
Along with that, the research expects blockchain to generate annual economic value worth $300–$400 billion worldwide by 2027 across 6 key industries, led by financials.
What is more, over the last 5 years, fintech attracted over $60 billion of VC capital, making it one of the fastest-growing funding segments.
We’ve reported that video banking technology is increasingly being adopted to extend banking services. According to information, the leverage of video teller machines is growing since institutions aim to expand customer access and cut costs. This is useful where full-service branches are not an option, owing to either geographical or cost considerations.