#FinTech / CB Insights – The State of FinTech Q2’2020 Report

Key takeaways:

The trend towards embedded fintech applications, or the integration of financial products by non-financial companies into their service offerings, is gaining traction around the globe and across applications.

The growth of open banking has continued to prompt investments into new bank technology providers, though legacy companies… also begun providing open banking services.

– Intense retail wealth management competition contributed to consolidation in Q2’20.

– Multiple fintech companies filing to go public in Q2’20 could signal an impeding shift in attitudes toward IPOs among other mature fintech companies.

Checkout conversion solutions are poised to capitalize on accelerating global e-commerce.

Big Tech companies are investing heavily in payments products. Facebook and Google are eying these tools to expand into emerging markets…

Big Tech wants a piece of ‘buy now, pay later’. In 2020, Amazon and Apple both added options for interest-free installments.

– Startups offering alternative ways to borrow see traction among the unbanked/underbanked and are also building products to address the financial needs of underserved SMBs.

– Large asset managers benefit from spike in new brokerage accounts as day trading gains popularity.

– Early-stage startups are targeting the financial health and literacy of the youth and workforce.

– Robo-advisors launch checking & savings products, remittance players introduce investment services.

– Automakers are using data to improve embedded insurance offerings.

Digital identity solutions aim to reduce compliance costs and improve onboarding.

Expense management and revenue intelligence services for SMBs gain traction.

– Record low mortgage rates drive purchase activity and urgency for digital transformation.

– Startups offer homeowners trapped liquidity [equity sharing, buy & lease back].

– Startups powering digital transactions gain traction.

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