“People are trying digital finance for the first time,” Perret said. “It’s going from an attitude where people think, ‘I do my banking in person,’ or, ‘I do financial services in person,’ to an attitude of thinking, ‘I could use these digital services.’ Breaking that zero-to-one gap, that’s the biggest gap.”

While the growing demand for fintech is promising for the industry, concerns about data privacy and cybersecurity could be a hurdle for further growth.

In a recent survey by international law firm Goodwin of more than 700 global business leaders about fintech trends, nearly half ranked cybersecurity as the largest threat to the adoption of digital financial services. There are also issues like possible tech glitches as users are trying to make crucial transactions, as happened to several online brokerages on the day that Apple and Tesla stock started trading at newly split prices last month.

“As digital transformation of financial markets accelerates at breakneck speeds, fintech presents — in equal measure — significant opportunities and challenges for both investors and innovators around the world,” said Scott Joachim, co-chair of Goodwin’s fintech practice and co-author of the report.