DECEMBER 2021CIOAPPLICATIONS.COM6EditorialThe Rising Tide of Innovation in FinTechAn overwhelming revolution in FinTech has sparked a revolution in the financial engagement by bringing in virtual interfaces and automation in almost every monetary process. In addition to transforming the conventional approaches of financial transactions, FinTech solutions have enhanced various aspects of finance like money lending, insurance, payments processing, and many more. Market Screener's survey reveals that the FinTech market will be worth $26.5 trillion by 2022, at an increasing CAGR (Compound Annual Growth Rate) of 6%. The growth may be attributed to the need for insurance covers/loans and growing investment interests. However, data security has become one of the major concerns worldwide and within this industry too. With discreet vulnerabilities and threats, virtual security is questionable, and the FinTech industry has become one of the common targets for hackers. At the same time, many organizations are facing challenges to keep up with current technologies. As technology plays a central part in FinTech, organizations will operate through various digital channels to generate revenue and value. However, organizations that use outdated applications face difficulties in financial transactions and lack customer satisfaction. According to Gartner's CIO survey in 2019, over 50% of CIOs from FinTech companies believe that almost every business will operate through virtual channels, and digital initiatives will generate more revenue and value. Apart from the technological barriers, the FinTech industry faces challenges related to regulatory frameworks and their requirements. As some regulators unaware of the upcoming FinTech culture, organizations are not getting regulatory approvals. Therefore, some organizations have been introduced to RegTech or Regulatory Technology, a supporting feature to get information about the compliance requirements to overcome this problem. Despite all the odds, FinTech plays a vital role in the US economy by reflecting a 57 percent share in the global FinTech market. With a safe and secure approach, FinTech solutions have strong potential to increase the government's economic investments. This edition of CIO Applications features insights from the industry leaders and innovative solutions from FinTech firms. We hope our edition on "Top 10 FinTech Solution Providers 2021" helps you in making the right choice for a successful tomorrow.Joe PhillipManaging Editoreditor@cioapplications.comJoe PhillipCopyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DECEMBER 23, 2021, Volume 07 - Issue 35 (ISSN 2644-240X) Published by ValleyMedia, Inc. To subscribe to CIO ApplicationsVisit www.cioapplications.com Managing EditorJoe Phillip*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffSalesSebastian Jacobsebastian@cioapplications.comEmailsales@cioapplications.comeditor@cioapplications.commarketing@cioapplications.comGraphics & ArtIssac GeorgeEditorial StaffBen JacksonDaniel HolmesEzra BenjaminJune MichaelRose DcruzSenior WritersClara MathewLeah JaneRoyce D'Souza
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