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.
