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Data for today’s episode is provided by Mercator Advisory Group’s report –Use of Financial Technology to Accelerate in Corporate Banking
Fastest Expanding Technologies in Corporate Payments and the Impact of COVID-19:
- Since 2014, banking related fintech venture capital investment has breached $191 billion.
- COVID-19’s short-term impact has been severe: potentially the lowest fintech investment quarter in 3 years.
- However, the longer-term impact will be a faster movement away from inefficient and risky manual processes toward the use of advanced digital capabilities.
- Fintech revenues are forecasted to have a compound annual growth rate of 10.6% through 2030.
- The fastest expanding technologies include AI for collecting receivables and procure-to-pay technologies.
- APIs are arguably the most important and widely adopted bank technologies. Most banks have built an API sandbox.
- Also quickly expanding are digitalization for organizational control, cash cycle convergence, and the replacement of analog and manual processes.
The fintech revolution is just getting started. Mercator Advisory Group’s latest research report, Use of Financial Technology to Accelerate in Corporate Banking, presents data on how the complicated landscape of corporate banking systems will transition more rapidly to digital as competitive realities demand change.