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Top 5 Financial Technologies in 2020

The ongoing rise and growth of digital technologies like AI, ML, IoT, and Blockchain several industries around the world are withstanding a significant disruption. Even the financial sector is ready to transform with the escalation of investment in financial technologies

In the world of the financial sector, financial technologies are the innovative breakthrough which has given the industry an opportunity to offer personalised financial services with increased security. In simple terms, the idea of digital transformation in the financial sector revolves around transforming traditional financial services to more simple and straightforward digital financial services.

Digital transformation of financial services sails on the financial technology development efforts made by financial institutions to meet the customer expectations. The digitisation of financial services not only makes the delivery of financial services convenient, but also it streamlines the entire process which results in a reduction of operational costs and strengthening security.

Rise of FinTech Application Development
Emerging technologies in financial services industry have evolved over the years and made it possible for developers to develop secure and convenient fintech applications. Now, it has become possible for fintech businesses to stay compliant with the fintech regulations. Fintech services like eWallets, UPI payments, digital banking, online trading, and many others are reshaping the world of finance.

What are Financial Technologies?
Before we dive further into the world of financial technologies, let’s understand what these are. Financial technologies are advanced technologies that help financial institutions deliver their services with ease and convenience. The emerging technologies in financial services industry have even introduced new business models and financial services.

The modern customer looks for the services that are easily accessible and offer them quick responses promptly without making them wait for long. Thus, the traditional model of delivering financial services will go into oblivion in the coming times as the fintech business model will gain its momentum.

According to a recent report by Statista, China holds the top position in the fintech market with overall transactions valuing at USD 1,596 billion in 2019. Another report states that the fintech market will grow to USD 381 billion in 2022 from USD 151 billion in 2017. The statistics indicate that it is a multi-billion dollar industry and will continue to grow rapidly.

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Reasons Behind the Growth of FinTech in Canada

The Bank of Canada recently announced that they would be issuing CBDC (Central Bank Digital Currency) as part of its contingency planning. However, the bank is concerned about underinvestment in safety by FinTechs. The bank is planning to introduce separate taxes and subsidies to encourage safety in the FinTech ecosystem.

Quick facts:

The primary focus for FinTech lenders is not short-term loans. 88% of the FinTech loans are between 13-60 months.
The ‘underbanked’ population isn’t the only one benefiting from FinTechs. 51% of FinTech customers have more than two credit products.
Although the FinTech industry is in its infancy in Canada, with 61% of FinTech startups founded during 2012-2017, FinTechs holds 25% of the Canadian PayTech market.
Image Source: PWC

Reasons Why Fintech is Flourishing in Canada?
As Mukul Ahuja, the leader of financial services, insurance strategy, and AI with Deloitte, pointed out that FinTech is a broad industry. Considering the current financial technology adoption, there are ten areas in FinTech that range from personal finance management to insurtech.

The Canadian market is exciting as it has followed the global market trends, with the recent pace of adoption picking up steam. The market holds around a thousand FinTech companies, and every day there is a new one popping up.

The following are some of the reasons why there are considerable scope for Fintech in Canada:

PAYTECH IS NO. 1
With around 25% market share, PayTech is the leader of the FinTech industry in Canada. The term PayTech involves FinTechs, mainly focused on savings and payments, deposits, which are often tied to banking and financial giants in Canada. Needless to mention that PayTechs are not involved in insurance, mortgages, wealth advisory services, and lending.

PayTech players in the Canadian market include Koho, Paytm Canada, etc. Koho offers a no-hidden-fees bank account with full digital banking services, whereas Paytm Canada is a dynamic mobile payments app.

Moreover, the traditional banks have also started creating their own version of FinTech. For instance, Meridian Credit Union launched Motus Bank as its own challenger to cater for digital-savvy customers. Also, the CIBC rebranded themselves as a virtual bank – Simplii.

TORONTO IS THE HUB
Canadian FinTech growth is considered to be fueled by the Toronto-Kitchener-Waterloo corridor. A report in 2019 by TFI (Toronto Finance International) states that this region holds 20-plus incubators/accelerators and 194 startups, boasting a CAGR of 118%, which is among the world’s highest.

Many Canadian financial institutions are headquartered in Toronto. This makes Toronto the best place for FinTechs to do business, whether the intention is to either compete with the financial institutions or complement them directly.

Wealthsimple and League are among the homegrown exceptional FinTechs companies dealing in online brokerage and health-insurance respectively. Both of these FinTechs made themselves to the FinTech 100 list for three consecutive years – 2016, 2017, and 2018.

AI DRIVES FINTECH — AND CANADA IS THE HOTBED
Emerging technologies such as Artificial Intelligence (AI) and advanced data analytics are among the most used advanced technologies that drive FinTech innovation. At the same time, Canada is the powerhouse for AI and, therefore, an excellent fit to reap the benefits of AI in FinTech. On the one hand, Montreal is the host to the most extensive concentration of deep learning students and researchers globally. On the other, Toronto is home to the highest AI startups globally.

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Where to Find the Best Exterior Painter Contractor in Vancouver WA

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