Impact of Financial Technology

Financial technology delivers value for consumers, small businesses, and the economy.

People use fintech because it saves them time (93 percent) and money (78 percent), helps them make better financial decisions (73 percent), and reduces financial stress (71 percent).

People are voting for fintech with their smartphones. From 2019 to 2021, the number of fintech apps in the top ten nearly doubled, as people opted for flexible, lower-cost, and transparent financial services. 

Source: Data.ai

Consumers’ top reason for using fintech: “I want to be able to access my financial information in real-time from anywhere.”

Fintech helps small businesses succeed and expands access to capital. Black-owned businesses were 12% more likely to obtain PPP loans from a fintech lender than a traditional bank.

Source: NYU

About FTA

The Financial Technology Association (FTA) is a DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.