State of the Industry: Financial Technology (FinTech) in 2024


FinTech in 2024 is not just about technology—it’s about reshaping the global economy and empowering consumers like never before.


Financial technology (FinTech) is revolutionizing the way we manage our money. From mobile banking apps to robo-advisors and cryptocurrency, FinTech companies are disrupting traditional financial institutions and offering consumers more convenient and accessible financial services. This report summarizes the current state of the FinTech industry, exploring its key trends, challenges, and exciting opportunities. Read on to learn more.

Industry Landscape

  • Market Size and Growth: The global FinTech market is expected to reach a staggering $33.2 trillion by 2025 [1]. This explosive growth reflects the increasing demand for innovative and user-friendly financial solutions.
  • Key Players: Traditional financial institutions are increasingly partnering with FinTech startups, while established players like PayPal and Square continue to innovate. Additionally, new FinTech companies are emerging in various niches like payments, wealth management, and lending [2].
  • Geographic Scope: Adoption of FinTech is accelerating globally, with developed economies leading the way. However, emerging markets like India and Southeast Asia are rapidly catching up, driven by high smartphone penetration and a large unbanked population [3].

Industry Trends

  • Open Banking: Open banking regulations are enabling third-party providers to access consumer financial data securely, fostering innovation and competition within the financial services ecosystem [4].
  • Rise of Neobanks: Neobanks, or fully digital banks, offer a convenient and mobile-first banking experience, attracting millennials and Gen Z with their user-friendly interfaces and fee-free services [5].
  • The Future of Payments: Contactless payments and mobile wallets are becoming increasingly popular, while technologies like blockchain are poised to revolutionize cross-border payments and digital identity management [6].

Industry Challenges

  • Regulation: Balancing innovation with consumer protection and financial stability presents a constant challenge for regulators as the FinTech landscape evolves rapidly [7].
  • Cybersecurity: As FinTech companies handle sensitive financial data, robust cybersecurity measures are crucial to address the growing threat of cyber attacks [8].
  • Financial Inclusion: Reaching the unbanked population and providing them with access to essential financial services remains a major challenge. FinTech solutions like mobile money have the potential to bridge the gap [9].

Industry Opportunities

  • WealthTech: FinTech can democratize wealth management by offering automated investment platforms and personalized financial advice, making investing more accessible to everyone.
  • InsurTech: Technology is transforming the insurance industry with data-driven risk assessment, personalized insurance products, and streamlined claims processing [10].
  • The Future of Money: The rise of central bank digital currencies (CBDCs) and cryptocurrencies could reshape the global financial system. Traditional financial institutions will need to adapt to these emerging technologies [11].


The FinTech industry is brimming with innovation, constantly pushing the boundaries of traditional finance. While challenges exist, continuous advancements hold immense potential to make financial services more inclusive, efficient, and accessible for everyone. To effectively navigate this rapidly evolving industry, collaboration between FinTech companies, regulators, and established institutions will be crucial to harness the full potential of FinTech for a more secure and inclusive financial future.

Written by Lisa Meier with research support by Gemini.