Chapters
18 January 2024 / Insight posted in Articles
The UK’s fintech landscape stands at a pivotal crossroads, poised for remarkable transformation and growth. Characterised by innovation and adaptability, the sector continues to redefine financial services, and 2024 promises to be no different.
According to research by consultancy McKinsey, revenues in the fintech industry are expected to grow almost three times faster than those in the traditional banking sector between 2022 and 2028. Compared with the six per cent annual revenue growth for traditional banking, fintechs could post annual revenue growth of 15 per cent over the next five years.
Fintechs have profoundly reshaped certain areas within the financial services sector due to their innovative and differentiated business models. The growth has also been driven by emerging economies such as China, India and Indonesia, which have some of the largest fintechs.
The fintech market is growing due to a combination of factors; so let’s take a look at the key trends and influential aspects we expect to see throughout 2024.
