Technology Association of Georgia Publishes Fintech Ecosystem Report Summary

In partnership with the TAG Fintech Society and Georgia Fintech Academy, the Fintech Ecosystem Report-at-a-Glance shows momentum in financial innovation with more than 260 fintech companies operating in the state of Georgia, with a solid majority of consumers continuing to place importance on their financial institution having a physical location.

The Technology Association of Georgia (TAG) today published the new TAG Fintech Ecosystem Report At-a-Glance: "Georgia's Thriving Fintech Ecosystem - Fueling the 'Fin' in Fintech". This summary report makes its debut at the 2024 Fintech South conference ahead of the full Ecosystem Report's publication coming soon later this fall.

"The theme for this year's Fintech South is 'Fintech Lives Here.' It's the perfect time to show our new data demonstrating how Georgia's fintech industry is truly fueling growth across our ecosystem," said TAG's President & CEO, Larry K. Williams. "There are more than 260 fintech companies operating in the state of Georgia - a number that's constantly growing thanks to an impressive pipeline of energetic entrepreneurs, a thriving ecosystem supporting workforce development, and an engaged investor community. There is no better place than Georgia to harness the power of innovation."

As outlined in the report, these typically technology-first companies span a wide array of sizes and product types; one common bond is their need for go-to-market strategies to deliver financial services to end customers - whether consumers or businesses. The summary report reveals several key takeaways challenging some commonly held perceptions while confirming others, including:

• More than two-thirds of consumers are "mobile-first," reporting that they primarily engage with their financial institution (FI) through a mobile device.
• Contrary to the prevailing narrative, a solid majority of consumers continue to place importance on their FI having a physical location.
• Perhaps most surprisingly, Generation Z's attitudes are not materially different from the population as a whole, valuing the availability of in-person support.

"Most fintech firms generate the majority of their revenue from the bank and credit union customers should the need arise they support behind the scenes," said Glen Sarvady, Managing Principal at 154 Advisors and lead author on the TAG Fintech Society's Ecosystem Report. "Georgia's fintech ecosystem is particularly strong in this important and growing aspect of the market, including a diverse array of startups rapidly scaling businesses by serving financial institutions rather than consumers. For this reason, we decided to use our annual Ecosystem Report to shine a light on the sometimes underappreciated 'fin' half of fintech."

TAG's Fintech Society, with input from the Independent Community Bankers Association (ICBA), designed a survey to explore US consumers' banking behaviors and attitudes. Students from the Georgia Fintech Academy recruited 1,633 individuals to complete the survey across June and July 2024. Students analyzed the results as part of a classroom project; industry leaders from TAG Fintech performed additional analysis.

"The Georgia Fintech Academy plays a pivotal role in the fintech ecosystem, acting as a bridge between academia and industry," said Laura Gibson-Lamothe, Executive Director of the Georgia Fintech Academy. "We're incredibly proud of our students who collaborated on this survey and report. Their involvement is a clear example of how we empower students to engage with industry in meaningful ways."

Download the TAG Fintech Ecosystem Report At-a-Glance: "Georgia's Thriving Fintech Ecosystem - Fueling the 'Fin' in Fintech".

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About the Technology Association of Georgia (TAG)
TAG drives innovation among Georgia's technology community, inspires tech leaders, and fosters inclusivity through four foundational pillars: Connect, Promote, Influence and Educate. TAG serves more than 30,000 members statewide through regional chapters in Metro Atlanta, Augusta, Columbus, Macon/Middle Georgia, and Savannah. TAG hosts more than 150 events each year and serves as an umbrella organization for 18 professional societies, including the TAG Fintech Society. For more information visit the TAG website at www.tagonline.org.

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