Survey predicts accelerated growth for Fintech payment companies

Fintech payment companies are predicted to excel in 2021 as the entire industry continues to adapt to covid-19, Brexit and Open Banking

FinTech Connect has revealed the findings of a survey of 100+ fintech professionals, revealing the industry’s predictions for 2021.

When asked which sub-sectors of fintech would experience the most growth over the next 12 months, payments was selected by 61% of respondents followed by digital ID and RegTech (49%) and lending (39%).

The lowest ranking sub-sectors were trading, which was selected by just 2% of respondents as well and FX and remittance (8%) and insurance (10%).

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The survey also found that 31% of respondents believed that covid-19 will have the biggest impact on the fintech industry in 2021, although this was closely followed by the adoption of Open Banking (28%) and Brexit (21%).

Fintech professionals went on to form a consensus over what the futuer of finance would look like in ten years, with a majority of them (42%) stating that banking and fintech would become “invisible” as non-financial businesses incorporate financial services.

“2020 has been both a tumultuous and a landmark year for the industry,” said Laurence Coldicott, Content Director, FinTech Connect. “Against this backdrop of uncertainty, it has never been more important to reassemble and take stock, which we invited our delegates to do at this year’s virtual event. The pandemic, Brexit and Open Banking will remain key catalysts for change in 2021 but, born from crisis, fintech is well-poised to navigate these macroeconomic and will continue to thrive, with payments, lending and digital ID and RegTech at the front of the pack.”

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