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Furthermore, the Federal Reserve could raise interest rates as soon as early 2023 and recently indicated its willingness to reduce asset purchases before the end of the year, moves that should be a boon for the financial services industry. Moreover, the industry is expected to benefit from the continued integration of advanced technologies. According to a Globe Newswire report, the global financial services market is expected to grow at a 9.9% CAGR to hit $22.5 trillion this year.
Given the financial services industry’s promising prospects, Wall Street analysts are highly optimistic about the upside potential of 360 DigiTech, Inc. (QFIN) and Patria Investments Limited (PAX). So, we think it could be worth adding these names to one’s watch list now.
