Market Research on FinTech

Do you remember when Bitcoin made headlines in 2021, causing turmoil in currency markets and prompting many individuals following the "white coin for a black day" investment approach to add it to their digital wallets? You might ask, what has changed? What does the daily emergence of trading platforms and digital currencies mean? In this article, I’ll explain how market research contributes to the fintech sector and how researchers leverage data to achieve sustainable profits. 

What is FinTech? 

FinTech refers to the use of technology to enhance, automate, and develop financial services and processes. Fintech companies create software, applications, and platforms that simplify, accelerate, and make financial activities accessible for individuals and businesses. Fintech platforms serve various financial functions, including: 

• Digital wallets, contactless cards, and money transfers via apps. 

• Online loans and credit services. 

• Trading apps, blockchain, and cryptocurrencies. 

You can explore definitions of blockchain and other digital transformation terms in the Steady pace Consultancy glossary:   

How Does Market Research Contribute to the Fintech Sector in the Middle East? 

Market research significantly drives the growth and development of the fintech sector in the Middle East by providing valuable insights that help companies, investors, and policymakers make informed decisions. Key contributions include: 

1. Understanding Consumer Behavior and Financial Literacy: Market research highlights the importance of financial literacy in maximizing fintech benefits. For example, a study in Jordan (representative of the Middle East) showed that higher financial literacy among businesses improves their ability to integrate fintech solutions, enhancing overall business performance, reducing costs, and improving efficiency. 

2. Identifying Market Trends and Investment Opportunities: Market reports reveal strong growth trajectories in the Middle East’s fintech ecosystem, with startups raising significant funding (e.g., $700 million USD in 2024) and processing transactions worth hundreds of billions. Research helps identify leading companies, popular services like payment solutions and “buy now, pay later” (BNPL), and emerging innovations like AI-powered banking, enabling investors and entrepreneurs to target high-potential sectors. Top fintech companies in the Middle East, such as Tabby and Tamara, rank among the highest-rated and most widely used.   

Read Also: Case Study: Tamara and the “Buy Now, Pay Later” (BNPL) Model

3. Driving Innovation and Technological Collaboration: Market studies emphasize the role of advanced technologies like AI and blockchain in designing fintech products tailored to regional needs. For instance, collaborations between banks and tech firms, such as First Abu Dhabi Bank’s partnership with Microsoft to develop AI-powered banking capabilities, are guided by market research insights that identify technology trends and consumer expectations. 

4. Enhancing Competitiveness and Market Expansion: Through competitive analysis and consumer preferences, market research enables fintech companies to refine their offerings, expand geographically (especially in the UAE, Saudi Arabia, and Egypt), and improve user engagement. This fosters a dynamic environment that allows startups to scale rapidly and meet the region’s growing demand for digital financial services. 

 Our Solutions in The Banking and Financial Services Sector:

1. Banking and financial customer behavior analysis

2. Measuring customer experience across digital channels and traditional branches

3. Banking customer loyalty and after-sales service studies

4. Evaluating the acceptance of new banking products (such as digital wallets)

5. Pricing research for banking services and financial products

6. Measuring the impact of marketing campaigns for financial products

7. Analysis of financial technology adoption trends (Fintech Adoption)

8. Customer satisfaction studies of banking service and support centers

9. Evaluating the competitiveness of banking products compared to the market

10. Studies on youth trends towards modern banking services

For more information about our solutions in the banking and financial services sector, click here

In conclusion 

market research in the Middle East’s fintech sector provides critical data and analytics that enhance financial literacy, guide investments, enrich policies, enable technological innovation, and support competitive growth, accelerating the sector’s development and adoption across the region. Steady pace Consultancy helps you stay ahead of market research trends through digital solutions and its BSure platform, offering tools to listen to consumer opinions.