3 out of 4 consumers worldwide use at least one fintech platform for payments and money transfers. Almost half of consumers worldwide use an insurance fintech platform. And 88% of global finance leaders are afraid of losing business as a result of technological change. 

Nowadays, with limited movement and a possible extension of the pandemic, people tend to search for remote solutions such as ordering groceries or online medical consultations. In the banking industry, some basic actions have been known for quite some time. We have been able to make transfers or check our account balance for many years now. Nevertheless, convenient online loans were and still are limited and they still require extensive paperwork.

The use of machine learning in fintech is growing. You’ve likely noticed an increasing number of companies using it to provide personalized services, transform customer experience, or improve fraud detection.

Even if you’re just a casual follower of the fintech space, you’ve probably noticed that, historically, most fintech startups don’t go public.

The fragmentation of the industry, dealing with legacy systems, and rethinking risk management – these are but a few of the issues that the banking industry needs to confront if it wants to go through a successful digital transformation. The consequences of a rapidly changing financial landscape impact banking entities of all kinds. Traditional banks need to innovate more dynamically to compete with fintech startups. Meanwhile, startups encounter hurdles to their further development, such as regulations that don’t allow for the implementation of the most innovative solutions, especially the ones involving AI and big data.

The COVID-19 economic storm hit all industries, and fintech was no exception. Yet the impact on financial companies differed by the segment of the market they operated in and the solutions they offered.

The data-driven approach is an inseparable part of every successful business. Companies operating in the fintech industry are no different. What's more, a few organizations from this sector have mastered the art of continuously validating and improving all business-related ideas. All their decisions are based on a solid analytical approach instead of trusting guesswork.

Fintech response to COVID-19 When COVID-19 was declared a pandemic in March, it created mass uncertainty for both individuals and the market. Unemployment was on the rise and the stock market was declining. Fintechs, however, were able to leverage their existing skills and assets to assist businesses who struggled with financial liquidity during the crisis.

A mobile bank, a company fighting for ownership of your data as a human right, a pan-European online marketplace for savings and investments, and a drone insurance startup - we present the 10 hottest fintechs from Berlin right now.

From stock market swings and billions wiped off of the airlines, hotels, transportation revenues to drug, soap or iPhone replacement shortages – the coronavirus outbreak is taking its toll on many business aspects of life.