Fintech Professionals Predict Payments Will Grow More Than Any Other Industry Sub-Sector in 2021
- 03.12.2020 04:59 pm
FinTech Connect, the trade show that connects the global fintech ecosystem, today launched the findings of a survey of 100+ fintech professionals, which reveal 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 only by 2% of respondents, as well as FX and remittance (8%) and insurance (10%).
The same survey found that almost one in three (31%) fintech professionals believe Covid-19 will have the biggest impact on the fintech industry in 2021. This was closely followed by the adoption of Open Banking (28%) and Brexit (21%).
In answer to the same question, only 7% of fintech professionals selected the ‘prevalence of embedded finance’ as having the biggest impact in the next 12 months. But when asked what the future of finance would look like in ten years, a significant proportion (42%) said ‘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.”