Polish fintech market worth 856 million EUR

Deloitte took a deeper loot into the state and prospects for the fintech industry in the Central and Eastern Europe. The recently released CEE FinTech Report estimates the market value at 2.2 billion EUR, out of which 40 percent, i.e. 856 million EUR, is the market in Poland.

The British company analysed nine national markets: Poland, Czech Republic, Slovakia, Slovenia, Hungary, Romania, Austria, Croatia and Bulgaria. Fintech companies in the region generate 2.2 billion euro, which is one twelfth of the European leader, United Kingdom. However, the countries have a big potential for growth. One third of the CEE market is made out of Poland, Czech Republic and Austria, countries with big population that are fond of innovations.

Poland, with fintech market worth 856 million EUR, is the CEE leader. It is also the most populous country of the region, with over 38 million inhabitants and over 14 million people aged 15-44. Poland is also shown as a leader in advanced banking solutions. 59% of Polish people own a smartphone, and mobile banking have been gaining a lot of success. Contactless payments quickly became a standard.

Polish people are interested in the latest technology innovations their banks have on offer. The banks keep pulse on the latest ideas and trends in the global banking and IT sector, and are not afraid to offer them to their clients. People are keen to keep up with the latest developments that make bank operations easier and quicker.

Most innovations concern payment solutions. Deloitte notes Poland has a potential for growth in the b2b and b2c financing as well as automated finance management solutions. The upcoming trends will be gamification and internet of things. To learn all this, Deloitte interviewed 100 Polish fintech companies.

Global fintech market is estimated at 15 billion euro. The term “fintech” refers to technology for the financial sector, which includes such areas as banking, asset management, insurance, analytics and cybersecurity. The latest and most interesting fintech innovations concern cloud accounting, HCE payments, biometrics solutions, P2P lending platforms and behavioural profiling. Deloitte distinguishes as many as eight sub-sectors.

Authors of the report note that development of the fintech industry in Poland will mostly depend on the ability of financial institutions to cooperate with the companies offering innovative solutions. Global fintech market is estimated to grow by over 50 percent in the upcoming years. The importance of the industry was noted by Forbes magazine, who published The Fintech 50 list of the biggest players in the market.