While I mentioned the huge growth of Chinese fintechs in a previous blog, I didn’t want to take away from the enormous growth that the US has seen in the fintech sector. In recent years, dynamic growth has not only presented consumers with new products, but it has also driven change across the entire US financial industry.
A recent study by EY Financial has shed some light on the biggest factors for fintech growth and their effects on the future of commerce in the US. Here is one of many takeaways:
Businesses Adopting Fintech Offerings
Other than consumers, the growth of fintech adoption has been largely among small and medium enterprises (SME) around the world and in the US as well. Many of the same types of services that have enjoyed success in the consumer market are also seeing widespread growth in the SME sector. For markets like the US where fintech growth is steady but recent, the main reason SME owners turn to fintechs are on-demand services, compatibility with other services, and the range of features fintechs provide.
Business owners are busy and for many, finding time within business hours to handle financial and insurance vendors can mean lost business. Fintechs give them the ability to access services 24/7/365 and quickly respond to whatever challenges arise. What’s more, fintech companies tend to be on top of the latest industry advances, making them as agile as their SME counterparts. When the industry throws a wrench in the plans of a business owner, they don’t want to rely on a partner that is slow to change or unaware of changes altogether.
As the US fintech sector continues to grow and drive change across the entire financial system, one thing remains clear, ease of use is king and even the best services will be underutilized if the end-user doesn’t feel like they are being helped. The well-established incumbent financial system in the US may have slowed the start of the fintech revolution, but today, fintechs are thriving and innovating every industry they touch.
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