V - Why Your 2020 Resolution Should Be to Buy More Fintech Stocks
Financial technology -- from digital payment processing to internet-based banking and services search companies -- are nothing new, but the industry gained serious momentum in the last decade. Added convenience, new features, and shifting consumer preferences led to the fast rise of e-commerce and digital money management along with it. Many stocks in the industry turned in triple-digit-percentage returns as a result.
Fintech could be just getting started, though, especially in developing markets around the globe where cash is still by far the preferred method of doing business and traditional banking services are scarce. With a new year and new decade now here, adding fintech stocks to the portfolio is a resolution worth considering.
Even after big returns the last few years, fintech is still a fast-growing industry. According to various researchers, spending on fintech is expected to grow in the low 20% range each year through the next few years, topping $300 billion by 2023. Emerging economies in Asia and Latin America are expanding the fastest.