The number of start ups in the US have increased in the last 5 years. This has been due to the supportive environment for the growth of startups in the country. The number of startups positively impacts the business finance segment of the US FinTech market in terms of the transactional value.
The population of the country directly co-relates with the availability of funds and hence the financial technology required by the people. Steady population incline in the past five years has fueled the growth of the industry.
US Digital Payments market includes all the transactions for which the payment has been made online, which can be classified into Digital commerce, Mobile wallet payments and P2P money transfer transactions.
The P2P Lending model or the peer to peer lending model has been gaining high popularity in the US especially amongst the borrowers. This is mainly because of its low interest rates, simplified application process, and faster lending decisions. This model is rapidly intensifying to new product categories including mortgages student loans, small business loans and others. P2P Lending platforms seemed to have found a forte by offering its customers, including both borrowers and investors better customer experience and faster transactions.
The robo advisory services were led by the startup FinTech firms such as Wealthfront and Betterment. By 2013, these companies were able to capture only a negligible share of the assets under management. Since the advent of the traditional advisors such as Schwab and Vanguard, the robo advisory space has completely been transformed.
It is prudent for FinTech companies to share information with respect to company’s clients, finances so as to gain customer’s trust in the first place. For instance, Angel List, Fundable and several other companies share critical information regarding the current trends in FinTech investment sector and also about the specific industry verticals attracting highest amount of investments.
Technology has largely transformed the way customers purchase their products and other services. Digital commerce has even impacted the travel and consumer foodservice industries as consumers order food and book travel tickets online via mobile phones, tablets or desktops. Owing to rapid rise in online and mobile retail sales and such huge volume of transactions made online by customers involving billions of dollars, payment gateway providers have the ultimate responsibility of enabling safe and secure transactions and counter any malicious practices at the same time
For more information on the market research report please refer to the below link:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/us-fintech-market-report/54351-93.html
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