LONDON, Jan. 7, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com announces addition of Financial Services Global Market Report 2020 to its research database. The report can be viewed @ https://www.thebusinessresearchcompany.com/report/financial-services-global-market-report .
Growth In Non-Cash Payments In The $22 Trillion Financial Services Market
Financial services include activities such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The global financial services market, valued at about $22,219 billion in 2019, has seen a strong growth in non-cash payments. Non-cash payments are growing rapidly due to increasing internet and mobile penetration in developing markets. There is continued economic recovery and growing adoption of mobile-based payments in mature markets. The growth of non-cash payments is also driven by the global shift towards immediate payment schemes, which offer instant payments in real-time. According to the 2016 World Payments Report published by Capgemini, the global volume of non-cash payments reached $387.3 billion in 2014, recording an 8.9% year-on-year growth.
There is a strong growth potential for Near-Field Communication (NFC) based mobile payments in both developed and developing countries. NFC-based mobile payments are increasing rapidly in number; this growth is collectively driven by increasing competition between payment card issuers, mobile operators and smartphone manufacturers such as Apple and Samsung. Improving contactless payments infrastructure and security features such as host card emulation (HCE) also drove the growth of NFC-based mobile payments. According to market research company, Strategy Analytics, the transaction value of NFC-based mobile payments is expected to increase at an annual rate of 51.57%, from US $30 billion in 2016, to US $240 billion in 2021.
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Wealth Management Companies Are Investing In Big Data Analytics
Many wealth management companies are investing in big data analytics capabilities to generate insights around clients. Big data solutions are being implemented to deliver insights around client segments and product penetration, and to analyze training program effectiveness. These technologies are being implemented to assess existing and prospective clients' inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern and the ability of the client to take risks. They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales and offer real time investment advice. For instance, CargoMetrics, an investment firm based in Boston, used Automatic Identification System (AIS), to collect data on commodity movement such as cargo location and cargo size, to develop an analytics platform for trading commodities, currencies and equity index funds. This tool was also sold to other hedge funds and wealth managers.
Banks Are Adopting Digitization In Lending
Banks and financial institutions are adopting digitization to modernize their commercial lending business. This move is mainly a result of increasing competition among banks and growing demand of simplified and quick commercial lending process. Digitization leads to improved customer satisfaction in obtaining a commercial loan, which can otherwise be a complex and slow process. It also enables banks to target new customer categories and offer customer centric solutions, which leads to improved efficiencies in the commercial lending business. Some of the banks who have incorporated digitization in lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank.
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