In recent years, technology and automation aimed at improving financial services have been gaining reasonable attention. Fintech services now range from money transfer services to crowdfunding that could possibly change how businesses and customers alike handle financial transactions.
As a key player in the fintech industry, staying updated on the know-how is crucial – fintech developments happen quickly and a missed trend could mean a missed revenue. With that in mind, the experts at the Forbes Finance Council share which fintech trends are expected to reach new heights over the course of the year. Here are some of the highlights:
- Robotic process automation
- Use of fintech for protection
- Regulation technology
- Institutional adoption of cryptocurrency
- Accelerated globalization of fintech
1. Robotic process automation
Robotic process automation (RPA) is fast becoming one of the most helpful tools in the fintech industry. This bot is able to maintain records and transactions, as well as make calculations. It can also perform tasks as advanced as answering queries.
With the advancement of today’s technology, anything can be automated. This helps speed up the process and make data collection as accurate and efficient as possible.
2. Use of fintech for protection
The year 2020 sees the rise of using fintech for protection. It is now protecting vulnerable consumers such as senior citizens and young individuals who are the most susceptible to fraud and mismanagement of finances.
New technology is expected to arrive this year for prepaid Visa users, as these cards can block sketchy and suspicious merchants. This development enables financial independence to continue while protecting their assets.
3. Regulation technology
This is one of the largest business overhead expenses today. Regulation technology is everywhere in the fintech industry, with many regulation compliance tasks done manually and with human intervention.
This year brings about solutions in regulation technology with a primary goal of reducing costs, streamlining processes, and providing convenience for end-users.
4. Institutional adoption of cryptocurrency
This year, expect to see an increase of institutional investors adopting cryptocurrency. Companies are expected to be more open with the concept of digital currencies, with crypo-native companies unveiling enhancements that used to be under wraps. These investors now have solutions that meet their complex, high-stakes modern financial institutions.
5. Accelerated globalization of fintech
Fintech is becoming global: fintech deal activity has accelerated and spiked significantly. Ideas from other countries are now being improved and evolved elsewhere. Recently, fintech players have also scaled across borders.
In short, fintech is growing rapidly. It is evolving, with a greater focus on consolidation, later-stage startups, and developing markets.