Fintech Trends and Stats in 2017

As the adoption of innovative technologies like Artificial Intelligence, Machine Learning, Blockchain, etc. increases, it impacts the rate at which the Fintech ecosystem evolves and affects different markets. 


Following are some notable stats and trends within the Fintech industry:
​
Fintech Ecosystem:

In Q1 2017:

• Global VC-backed Fintech startups raised $2.7 Billion across 226 deals.
• US VC-backed Fintech startups raised $1.1 Billion across 90 deals (CBInsights Global Fintech Report).

Artificial Intelligence (AI):

• ​30% of large Financial Institutions are investing in Artificial Intelligence (AI) (PwC Fintech Report).

 
Mobile Payments:

• In 2017 $60 billion worth of payments will be made on mobile platforms (TechCrunch).
• By 2020, 90% of smartphone users will have made a mobile payment (TechCrunch).

Blockchain:
​

• 77% of the Financial Services incumbents surveyed expect to adopt blockchain as part of an in-production system or process by 2020 (PwC Fintech Report).

 
​Banking: 

• ​By 2020, core service infrastructures in areas such as consumer payments, credit scoring, and statements and billings for asset managers basic current account functions will be well on the way to becoming utilities.

Cryptocurrency: (Source: Cambridge Cryptocurrency Report)

• The estimated number of unique active users of cryptocurrency wallets has grown significantly since 2013 to between 2.9 million and 5.8 million today. 

Insurance Technology (Insurtech): 

• 63% of insurance CEOs believe that the Internet of Things (IoT) will be strategically important to their organisation (PwC Technology 2020 Report​).

Regulation Technology (Regtech): 

• The global demand for regulatory, compliance and governance software is expected to reach USD 118.7 Billion by 2020 (Source).

Financial Institutions: 

• Incumbents are becoming more aware of the disruptive nature of Fintech, shown well by the fact that, in 2017, 82% of North American participants believe that business is at risk, up from 69% in 2016 (PwC Fintech Report).

​Read the whole list of 22 trends and stats on Crowd Valley Blog.