FinTech: Crystal Ball for 2020 (KPMG’s Report)

March 2, 2020 | FinTech
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2020 promises to be another big year for 2020.

Fintech in 2020 will ride to new heights based on key trends identified by KPMG in their biannual Pulse of FinTech H2’19 report.

Industry undercurrents that will propel Fintech

KPMG is bullish on global investments in the fintech industry in 2020.

Factors that are creating a positive environment around fintech include:

  • New fintech hubs are sprouting globally
  • Fintech products and services are pushing the envelope in scope and innovation
  • Regulatory clarity improves in many jurisdictions
  • New technologies such as blockchain and AI are showing promise

KPMG’s top 10 predictions for fintech in 2020

  1. Deal sizes will grow as investors focus on later-stage fintechs with potential pathways to profitability
  2. Deals will spill outside the current focus geographies of Southeast Asia, Latin America, and Africa
  3. Fintechs will ambitiously strikeout of existing, niche, comfort zones into fresh new pastures (“adjacencies”) such as energy and telecommunications
  4. More and more countries will muster up the courage to issue digital banking licenses
  5. Mature fintechs will scope acquisitions to grab talent, boost capacity, and enter new markets
  6. More and more tie-ups in all kinds of permutations and combinations – big techs and fintechs, corporates and fintechs, and fintechs with each other
  7. Open data will move beyond its current banking limitations and into financial services in other industries such as energy
  8. Consumers will reverse their preference for various digital products. Instead, they will look to re-bundle their fragmented digital life into a single, reliable financial platform
  9. Fintechs focused on cybersecurity and identity management will be in high demand.
  10. According to KPMG, big techs such as Apple (NASDAQ: AAPL), Alphabet (NASDAQ: GOOGL) and Alibaba (NYSE: BABA) will increasingly trespass into fintech territory.

Related Story:   FinTech: JPMorgan Plans Foray Into UK Digital Banking

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