Summary
- • The global financial services industry is worth around $22.7 trillion.
- • Fintech investment in 2020 reached $44 billion globally, despite the COVID-19 pandemic.
- • Mobile banking usage has increased by 50% in the past five years.
- • By 2025, robo-advisors are projected to manage around $8 trillion in assets.
- • The average cost of a cyber attack for financial services companies is $18.3 million.
- • 56% of banks are implementing AI in customer service.
- • In 2020, global payments revenue totaled $1.9 trillion.
- • The number of blockchain wallets has been growing at a compound annual growth rate of 32% since 2014.
- • The wealth management market is expected to reach $118 trillion by 2025.
- • Cryptocurrency adoption has grown by 881% over the past year.
- • The global insurance market is valued at over $5 trillion.
- • E-commerce transactions accounted for 16% of global payments volume in 2020.
- • 67% of consumers worldwide have used a mobile wallet at least once.
- • The global life insurance market is estimated to reach $4.3 trillion by 2026.
- • Financial fraud costs the global economy over $5 trillion annually.
Hold onto your wallets, folks, because the financial services industry is making moves worth a staggering $22.7 trillion! Despite the chaos of 2020, fintech investments soared to $44 billion, proving that money never sleeps. From the rise of robo-advisors managing trillions in assets to the exponential growth of blockchain wallets and cryptocurrency adoption, the financial world is a whirlwind of innovation and opportunity. But beware, as cyber attacks come with a hefty $18.3 million price tag and financial fraud lurks around every corner. So sit back, relax, and lets dive into the thrilling rollercoaster ride that is the dynamic landscape of finance in the digital age.
Cyber attack costs
- The average cost of a cyber attack for financial services companies is $18.3 million.
- Financial fraud costs the global economy over $5 trillion annually.
- Cybersecurity spending in the financial services industry is set to exceed $150 billion by 2023.
- Online payment fraud losses are expected to exceed $200 billion by 2024.
Interpretation
In the high-stakes world of financial services, it seems that cyber attacks and fraud are not just costly nuisances but rather multi-billion-dollar industries in their own right. With the average cost of a cyber attack reaching a staggering $18.3 million and financial fraud bleeding the global economy of over $5 trillion annually, it's no wonder that the industry is gearing up its defenses with a projected cybersecurity spending spree exceeding $150 billion by 2023. But as online payment fraud losses are predicted to soar past $200 billion by 2024, it seems like the battle to safeguard our digital financial fortress is far from over. The price of protection may be high, but it's a small price to pay compared to the astronomical costs of vulnerability.
Financial services industry size
- The global financial services industry is worth around $22.7 trillion.
- In 2020, global payments revenue totaled $1.9 trillion.
- The wealth management market is expected to reach $118 trillion by 2025.
- The global insurance market is valued at over $5 trillion.
- E-commerce transactions accounted for 16% of global payments volume in 2020.
- The global life insurance market is estimated to reach $4.3 trillion by 2026.
- Peer-to-peer lending volume is projected to reach $589 billion by 2025.
- The global credit card market is worth over $4 trillion.
- The global digital asset management market is expected to reach $5.1 billion by 2025.
- Global assets under management (AUM) are expected to reach $145.4 trillion by 2025.
- In 2020, there were over 240 billion non-cash transactions globally.
- The global hedge fund industry manages assets worth approximately $4 trillion.
- The global pension fund assets are estimated to be around $52 trillion.
- The global microfinance market size is expected to reach $313.02 billion by 2027.
- Around 2 billion people worldwide are unbanked, according to the World Bank.
- The global trade finance market is valued at over $61 trillion.
- Regulatory compliance costs for financial institutions exceed $270 billion annually.
- The global private equity market reached a record $4.1 trillion in assets under management in 2020.
- Mobile wallet transactions are projected to exceed $3.5 trillion globally by 2022.
- The global crowdfunding market size is expected to reach $28.8 billion by 2027.
- The global Islamic finance industry is estimated to be worth $3.69 trillion.
- ESG (environmental, social, and governance) assets under management are expected to double to $53 trillion by 2025.
- Global remittance flows are expected to reach $930 billion in 2021.
- The global cryptocurrency market capitalization surpassed $2 trillion in April 2021.
- Global sustainable finance assets under management are projected to reach $40.5 trillion by 2025.
- The global credit union industry serves over 274 million members.
- Online brokerage accounts account for 63% of total retail trading volume.
- The global trade finance gap is estimated at $1.5 trillion.
- The number of open banking users worldwide is expected to exceed 79 million by 2023.
- Private equity deal value amounted to $853 billion in the first half of 2021.
- Global pension funds had total assets worth $34.5 trillion in 2020.
- Real-time payments are expected to account for 21% of global payment revenues by 2024.
- The global neobanking market is projected to reach $394.6 billion by 2026.
- More than 2 billion adults globally remain unbanked, according to the World Bank.
- The share of digital lending in the total personal loan market is set to reach 30% by 2023.
- The global gig economy is expected to hit $455.2 billion by 2023.
- The global commercial insurance market size is estimated to be around $1.2 trillion.
- Global mobile wallet transaction value is forecasted to reach $14 trillion by 2025.
- The global Islamic banking industry boasts assets worth over $2.7 trillion.
- The global gig economy is projected to account for 43% of the total workforce by 2025.
- The global virtual event market is estimated to reach $404 billion by 2027.
- The global decentralized finance (DeFi) market is projected to grow to $501.91 billion by 2026.
- The wealth management industry saw a total AUM of $118 trillion in 2020.
Interpretation
The numbers don't lie, and in the world of financial services, they speak volumes. With trillions swirling around in various sectors, from digital assets to pension funds, the industry is a behemoth of wealth and opportunity. As the global economy marches forward, embracing trends like peer-to-peer lending and sustainable finance, it's clear that financial institutions are navigating a landscape as vast and intricate as ever. So, buckle up, because whether you're banking on blockchain or investing in ESG, the ride is only getting richer – figuratively and literally.
Fintech adoption rates fell under Mobile banking usage
- In 2020, fintech adoption rates reached 33% globally.
Interpretation
In a world where "Venmo me" has become a verb and mobile wallets are giving traditional banks a run for their money, the 33% global fintech adoption rate in 2020 is not just a number—it's a sign that the financial services industry is undergoing a tech revolution. With a third of the world embracing fintech offerings, it's clear that convenience, innovation, and digital solutions are no longer just buzzwords, but the new normal for consumers navigating the ever-evolving landscape of finance. The future is digital, and those who don't adapt may find themselves left behind in this brave new world of money management.
Fintech investment
- Fintech investment in 2020 reached $44 billion globally, despite the COVID-19 pandemic.
- 56% of banks are implementing AI in customer service.
- The number of blockchain wallets has been growing at a compound annual growth rate of 32% since 2014.
- Cryptocurrency adoption has grown by 881% over the past year.
- Crowdfunding platforms raised over $34 billion in 2020.
- 81% of banks plan to increase AI-related investments in the next three years.
- Insurtech investments reached $7.1 billion in 2020.
- Payment companies process an average of 452 digital transactions per second.
- Around 51% of global consumers have used buy now, pay later (BNPL) services.
- Venture capital investment in fintech companies reached $105 billion in the first half of 2021.
- 78% of banks plan to partner with fintech companies in the next 3-5 years.
- The global Insurtech market is expected to grow to $10.14 billion by 2025.
- Commercial banks worldwide spent $18.8 billion on blockchain technology in 2021.
- The global cryptocurrency ATM market size is expected to reach $183.7 million by 2025.
- The global alternative finance market volume exceeded $70 billion in 2020.
- Wealth management firms invest an average of $5.7 billion annually in digital transformation.
- FinTech investments in Asia reached $21.8 billion in 2020.
- Insurtech companies globally raised $7.1 billion in funding in 2020.
- The global RegTech market size is expected to reach $21.73 billion by 2027.
- Worldwide venture capital investment in blockchain technology reached $4.2 billion in 2021.
- The global wealthtech market is expected to exceed $5.7 billion by 2027.
- Over 2.5 million Americans invest in peer-to-peer lending platforms.
- The global insurance technology (Insurtech) market size is forecasted to reach $10.1 billion by 2025.
Interpretation
In a world where financial services are evolving faster than ever before, it seems that even a global pandemic couldn't slow down the fintech revolution. The staggering numbers speak for themselves: from the exponential rise in blockchain wallets to the explosive growth of cryptocurrency adoption and the relentless push towards AI integration in banking, the industry is in a state of constant flux. With banks increasingly turning to technology to enhance customer service and streamline operations, it's clear that the future of finance lies in innovation. As crowdfunding platforms soar, payment companies process transactions at lightning speed, and insurtech investments surge, it's evident that traditional barriers are being shattered at an unprecedented pace. So buckle up, because the financial services industry is hurtling towards a future where collaboration between traditional players and disruptive fintech companies will be the key to success.
Mobile banking usage
- Mobile banking usage has increased by 50% in the past five years.
- 67% of consumers worldwide have used a mobile wallet at least once.
- The number of mobile payment users is projected to reach 1.31 billion by 2023.
- Digital banking penetration is expected to rise to 67% by 2025.
- Over 3.8 billion people globally are using digital banking platforms in 2021.
- Over 40% of global consumers have used voice assistants for banking activities.
- COVID-19 accelerated the adoption of digital banking, with a 25% growth in mobile banking users.
Interpretation
In a world where cash is no longer king, the Financial Services Industry is experiencing a digital revolution faster than you can say "Swipe right for savings!" With mobile banking usage skyrocketing by 50% and over 3.8 billion people already tapping away on digital platforms, it's clear that the future of finance is just a touch screen away. From mobile wallets to voice-activated assistants handling our banking needs, it seems even our money is keeping up with the latest tech trends. So buckle up, folks, because whether you're counting your pennies or your bitcoins, the digital age of finance is here to stay – and it's not taking any checks.
Robo-advisors growth projections
- By 2025, robo-advisors are projected to manage around $8 trillion in assets.
- The global robo-advisory market is projected to reach $16.4 billion by 2026.
Interpretation
As robots continue to outperform humans in managing finances, it seems the age-old adage of "letting your money work for you" has taken on a literal twist. With robo-advisors projected to handle a staggering $8 trillion in assets by 2025 and the global market expected to reach $16.4 billion by 2026, it appears that the future of financial services is not just digital, but algorithmic. While this may spell convenience and efficiency for many investors, one can't help but wonder if we're slowly but surely handing over the keys to the kingdom to our silicon counterparts. From Wall Street to Main Street, the rise of the robot in finance signals a new era where data rules and bytes outweigh traditional insight.