/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Fintech revenues to hit $500bn by 2030 - UBS

Fintech revenues to hit $500bn by 2030 - UBS

The global fintech industry is at an inflection point, with revenues set to grow from $150 billion in 2018 to $500 billion in 2030, according to research from UBS.

Driven by rapid urbanisation, strong demand from millennials and favorable regulations, the fintech sector will see an annual growth rate of about three times faster than the boarder financial sector, predicts the Swiss banking giant.

Crucial to this growth are millennials, who account for 27% of the world's population and are set to hold $24 trillion in private wealth - roughly 1.5 times the US's national output in 2015.

Among the hyped technologies is blockchain, which UBS expects to generate annual economic value worth between $300 billion and $400 billion by 2027 across six major industries, led by financial services.

Another major area of fintech growth will be e-wallet payments. UBS notes that Asia Pacific will continue to lead the way in this sector, with 66% penetration by 2022, compared to just 33% in North American and 24% in Emea.

Comments: (0)