12 Sep FinTech Trends in Europe
FinTech Trends in Europe | What is the future of banking in Europe? Here are 4 key trends not to be missed.
1) Environmental influences and security: According to experts, financial institutions tend to allocate at least 10% of their IT investments to cybersecurity each year, and overall, the value of the cybersecurity market in Europe could reach $55 billion by 2026.
2) The rapid development of artificial intelligence: A recent survey done had showed that almost 60% of respondents benefited from AI to a much greater extent than they had anticipated before they were exposed to this innovation.
3) Open Banking: The EU has been a pioneer in open banking and is now well ahead of other regions.According to Statista, more than 12 million people were using open banking in the EU in 2020, and more than 63 million are expected to use it in 2024.
4) Banking as a service: According to the global research company Verified Market Research, the global market value of BaaS in 2020 was $356.26 billion. By 2028, it could grow by as much as five to six times. It is worth noting that according to the research, Europe accounted for around one-third of the BaaS market in 2021.
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