EY states that out of a survey of 27,000 consumers, up to 96 per cent of them indicated that they knew at least one fintech transfer or payments service.
The most innovative fintech companies around the world are now banks. Companies such as JP Morgan Chase and Bank of America are investing in innovations that will help them retain existing customers and gain new ones.
On the other end of the spectrum, smaller startups are focusing on the changing mindset of business. The gig economy, coupled with the tendency of startups to focus on the long-term financial security of their employees, had opened the door for a massive amount of innovation.
Then there are the electronic wallet systems that also fall under the broad umbrella of financial technology. As 2020 starts advancing, we are likely to see a lot of trends that even the best investment apps may find difficult to predict.