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The market for AI in FinTech is anticipated to be worth $42.83 billion in 2023 and grow to $49.43 billion by 2028, making it necessary for companies to adapt to the new technology, and hire accordingly. Accounting for 77.5% of the global revenue, the FinTech “solution segment” – comprising applications for mobile banking, digital loans, insurance, credit scores, buying and selling activities, and asset management – dominates the flourishing market. This has initiated a wellspring of product managers, ML and AI developers hoping to capitalize on a market still in its infancy.
Candice Wu
February 16, 2024
In a recent report from October 2023, McKinsey predicted that revenues in the FinTech sector will grow almost 3x faster than those in the traditional banking sector between 2023 and 2028. What has become increasingly clear is that the winners in FinTech will be the firms that grow their user base the fastest and thereby scale assets under management (AUM). Another area where the fintechs appear to be overtaking their more traditional banking counterparts is the use of AI in marketing.
Candice Wu
January 4, 2024