Innovations like artificial intelligence and blockchain technology are upending the world of finance, creating ample opportunities for tech talent.
Eight in ten traditional banking organizations say they plan to partner with technology companies in coming years in an effort to keep pace with the change.
According to “The State of U.S. Early-Stage Venture & Startups: 1Q22,” fintech saw the greatest payroll growth of any tech sector, up 158% in one year, as the industry ballooned to over $25T. More recently, some fintechs have encountered economic headwinds.
Tech companies are revolutionizing mobile payments. Four in ten U.S. smartphone users used a contactless payment at least once last year, a rate that’s comparable with South Korea. Consumer spending in mobile app stores is projected to reach $270B worldwide in the next few years.
Blockchain and “regtech” (regulatory technology) are two of the fastest-growing segments of the fintech industry. Peer-to-peer (P2P) lending platforms originated more than $48B in U.S. consumer loans from 2006 to 2018, and some expect that to rise to $150B per year by 2025.