Too Long; Didn't Read
Global investment in Fintech stood at $37.9 billion in the first quarter of 2019. The industry has been growing steadily since 2017 and is set to grow in 2020. Data sharing with the help of APIs and AI will give rise to open banking. Digital transactions are faster than transacting by traditional means but also more accurate and convenient for both parties involved. Digital-only banks are set to increase competition in the banking sector as they attract younger customers looking for simpler ways to manage their finances.