The fintech industry worldwide has grown very successfully over the past decade. But since the global pandemic, start-ups have suffered through a lack of investment from areas that previously have supported the new financial technology revolution. Suddenly, funds in many places have dried up, or are being more cautiously spent. Therefore, new market entrants are having a tough time.

More collaborations with banks would be beneficial because banks and fintechs make the perfect bedfellows. Fintechs assist banks by providing services that would take years of investment and development to carry out. Fintechs also help banks scale their distribution of products more swiftly and economically than they could manage alone.