The financial services industry is constantly adapting to meet the evolving needs of its customers. As a result, many financial firms are now using advanced digital tools to deliver new products and services to their customers. Some of these include artificial intelligence and machine learning.

According to a report by Insider Intelligence, the global financial services industry is expected to grow at a robust rate over the next couple of years. Most of this expansion will take place in the consumer arena. According to a study conducted by Wall Street banks in the first quarter of 2022, the market for consumer purchases and payments is expected to reach $45 trillion.

As the financial services industry continues to expand, consumers will continue to seek innovative digital tools that can help them manage their finances more effectively. One of these is the financial management app developed by UK-based fintech company, Zilch.

The Market for BNPL Gains Traction

The rapid emergence and growth of the global buy-now, pay-later (BNPL) sector has been attributed to its importance in the financial services industry. A report released by a research firm in May 2022 noted that the market for this type of digital payment will grow at a robust rate over the next couple of years.

According to the report, the sales of the BNPL sector will surpass those of other payment methods by 2026. It noted that this type of digital payment will likely make up almost a quarter of all online retail sales.

It noted that the technology’s effortless integration into the buying habits of consumers has also contributed to its popularity. One factor that has contributed to the growth of the industry is the ability to allow consumers to split their purchases into multiple interest-free loan payments.

On May 17, 2022, Philip Belamant and his team from BNPL firm, Zilch, officially launched their operations in the United States. The company’s U.S. headquarters is located in Miami, Florida.

According to Philip Belamant, based on the initial data collected by the company, its target market in the United States is expected to be around 125 million people. He noted that the company has a huge opportunity to expand its operations in the country.

As a company focused on the financial health of its consumers, Philip Belamant and his team at Zilch have launched a program that aims to help its customers manage their finances more effectively.