A new era in financial services: The fintech revolution!

The financial services market is undergoing a major transformation with the participation of fintechs.

The financial technology market is growing rapidly in Turkey and across the world. Research predicts that the global fintech market, currently valued at 150 billion dollars, will see a growth rate of 13% by 2027. Approximately 90% of global fintech companies operate using technologies based on artificial intelligence and machine learning.

2024, in particular, stands out as a year in which digital transformation in the financial sector has gained even more momentum. Open banking has the potential to create new business models and value propositions by enabling the secure sharing of financial information. With the further spread of open banking, it is predicted that the future of the financial sector will be shaped accordingly.

According to the "Future of Fintech" report prepared by KPMG, 9 out of every 10 fintech companies identify their customer-centric strategies as their top or high-priority strategies. 43% of fintech leaders view "improving customer experience" as their organization's most important strategic goal.

In a recent survey conducted by KPMG with US consumers, 86% of consumers stated that they are concerned about data privacy, 78% are concerned about the amount of data collected, and 40% do not trust companies to use their data ethically. For this reason, fintech leaders are setting financial product security, privacy, and data security as priority goals.

KPMG's report offers the following recommendations to fintechs to transform into customer-centric organizations:

"Focus on the core business definition. Pave the way to profitability. Use appropriate technology and avoid technical debt. Build strategic partnerships. Leverage the power of data to define strategy."

KPMG Turkey Fintech and Digital Finance Leader, Partner Sinem Cantürk, stated, "Fintechs have become an inseparable part of financial services in a short period of time."

News Source: 12punto