Priya PatelThis article provides a summary of a report conducted by the World Economic Forum and the Cambridge Centre for Alternative Finance on the future of the global fintech market. The report highlights the growth and potential of the fintech industry, as well as the challenges it faces. Some key takeaways from the report include:
- The global fintech industry is experiencing strong growth, with customer growth rates averaging above 50% across industry verticals.
- Fintechs are rapidly expanding their products and services to underserved markets, with low-income consumers now constituting 40% of the fintech customer base.
- The most notable products driving financial inclusion are flexible repayment options, microinsurance products, and low-rate cross-border transfers.
The report also discusses the importance of creating a more inclusive financial system, with fintechs focusing on providing digital financial services to underserved populations such as low-income, MSME, and female customers. The study identified various market initiatives and products that contribute to financial inclusion, such as tailored products for marginalized groups and low-rate cross-border transfers.
Overall, the report emphasizes the resilience and growth of the fintech industry, as well as the potential for fintechs to drive financial inclusion and improve access to financial services for underserved populations.
