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Industry Landscape
The FinTech and financial planning software industry is experiencing rapid growth, driven by increasing demand for digital solutions, personalized financial advice, and integrated platforms. Innovations in AI, automation, and data analytics are reshaping how individuals and advisors manage finances, emphasizing efficiency, accessibility, and robust security. Competition is intense, pushing companies to offer comprehensive and user-friendly features, with a significant shift towards cloud-based and mobile-first solutions.
Total Assets Under Management (AUM)
Financial Planning Software Market Size in United States
~3.5 billion USD (2023)
(15.0% CAGR)
- Driven by digital transformation.
- Increased demand for personalized advice.
- Adoption of AI and automation.
Total Addressable Market
3.5 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for Personalized Advice
Generative AI can create highly personalized financial plans, advice, and content tailored to individual client needs and preferences, automating complex advisory tasks.
Blockchain for Secure Data Management
Blockchain technology can enhance the security, transparency, and immutability of financial data transactions and record-keeping within FinTech platforms.
Hyper-Personalization via Behavioral Economics
Leveraging behavioral economics with AI to understand and influence client financial decisions, leading to more effective and engaging planning outcomes.
Impactful Policy Frameworks
SECURE 2.0 Act of 2022
The SECURE 2.0 Act of 2022 aims to enhance retirement savings by expanding coverage, increasing contribution limits, and simplifying rules for retirement plans.
This policy will drive increased demand for financial planning tools focused on retirement, requiring Provisian to adapt its simulations and planning features.
CCPA (California Consumer Privacy Act) Expansion (CPRA) 2023
The California Privacy Rights Act (CPRA), effective January 1, 2023, expands the CCPA by granting consumers more rights over their personal data and establishing the California Privacy Protection Agency (CPPA).
Provisian must ensure robust data privacy frameworks, transparent data handling practices, and potentially update user consent mechanisms to comply with expanded consumer rights.
Interagency Guidance on Third-Party Relationships: Risk Management (2023)
Issued by the OCC, Federal Reserve, and FDIC in 2023, this guidance provides a framework for financial institutions to manage risks associated with third-party relationships, including FinTech providers.
Provisian, as a FinTech provider, will need to demonstrate rigorous risk management, security protocols, and operational resilience to financial institutions seeking to integrate its services.
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