The first six months of 2023 were difficult for the global fintech market, with total funding dropping from US$63.2B in H2’22 to US$52.4B in H1’23. The cloud of uncertainty permeating the market continued to wear on investors, driven by factors including global macroeconomic concerns, geopolitical tensions, and tech sector challenges. The collapse of several US banks early in 2023 likely kept many investors in wait-and-see mode during H1’23.

Financial technology revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a new report released today by Boston Consulting Group (BCG) and QED Investors. The fintech sector, which currently holds a 2% share of the $12.5 trillion in global financial services revenue, is estimated to grow up to 7%, of which banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030.

Evaluating finance function strategy, scope and design is the top priority for CFOs in 2023, according to a survey by Gartner, Inc. A survey of 157 CFOs in November 2022 ranked the top 10 priorities for CFOs for this year, and 90% of respondents selected evaluating finance strategy, scope and design as the top priority, followed by planning and sequencing finance transformation activities.

Embedded finance, the integration of value-added financial services into software offerings, is set to redefine how consumers and businesses build and manage relationships with financial services, according to new research and analysis from Bain & Company and Bain Capital.

Data science is revolutionizing value generation and customer journeys in the fintech and financial services sector. It has emerged as a critical differentiator that enables companies to meet critical business objectives and complete time-sensitive processes—such as credit risk scoring and property value assessments—more efficiently and affordably.

Integrating data science into operations will be vital in executing go-to-market strategies and lead to competitive differentiation for organizations tied to the increasingly dynamic property sector, according to John Rogers, chief innovation officer at CoreLogic, in a recent podcast for journalists.

Technologies such as machine learning, Big Data analytics and blockchain will be the cornerstone of fintech platforms. These factors will fundamentally alter the way financial services are delivered and drive fintech platforms to become the “new normal” according to a new report from Juniper Research.