A recent World Economic Forum research highlights the global fintech industry’s robust and resilient state, demonstrating its ability to offer financial services to traditionally underserved consumers and enterprises.
The paper, Towards Resilient and Inclusive Growth, was developed in collaboration with the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School.
Drawing on data from a global survey of over 200 fintech companies across five retail-facing sector verticals and six locations, the research illustrates the dynamic nature of the fintech ecosystem.
Drawing on data from a global survey of over 200 fintech companies across five retail-facing sector verticals and six locations, the research illustrates the dynamic nature of the fintech ecosystem.
According to the survey, the global fintech business is thriving, with average customer growth rates of more than 50% across numerous industry verticals and geographies. This resilience is especially impressive in the face of an uncertain economic outlook.
Consumer demand emerges as the primary driver of growth in the fintech sector. Fintech companies are tailoring financial services and products to address the needs of traditionally underserved segments of the population. The majority of fintech companies express a positive view of their regulatory environment, with 63% rating it as adequate.
However, the report highlights that regulatory compliance can be challenging for some fintechs, calling attention to areas where improvements can be made. Drew Propson, Head of Technology and Innovation in Financial Services at the World Economic Forum, remarked, “It is highly encouraging to see fintech performance remain strong after the COVID-19 pandemic, with average global customer growth rates above 50% from 2021-2022; however, identified headwinds such as a difficult macroeconomic climate and decreased fintech