Factoring services, a critical financial tool for businesses worldwide, are undergoing unprecedented growth. Recent findings by Allied Market Research project the global factoring services market to soar from $3.27 trillion in 2021 to a staggering $5.87 trillion by 2031, growing at a compound annual growth rate (CAGR) of 6.1%. This surge highlights the increasing reliance of businesses, especially small and medium enterprises (SMEs), on factoring to unlock liquidity and sustain growth in a competitive global economy.
In today’s digital world, financial institutions are increasingly monetizing personal data, leaving consumers exposed to potential risks due to loopholes in state and federal privacy laws. A new report from the Consumer Financial Protection Bureau (CFPB) reveals significant gaps in the protection of consumer financial data, highlighting the pressing need for stronger safeguards.
The financial services industry is at a technological crossroads, and the integration of generative artificial intelligence (AI) with robotic process automation (RPA) is reshaping its landscape. This synergy offers a transformative solution to enhance operational efficiency, foster innovation, and deliver exceptional customer experiences.
In a groundbreaking move to enhance consumer protection in the digital payments space, the Consumer Financial Protection Bureau (CFPB) has finalized a rule to supervise major nonbank companies offering popular digital payment and wallet apps. This decision targets firms processing over 50 million transactions annually, marking a significant step toward ensuring Big Tech adheres to the same federal laws governing banks and credit unions.