Top Fintech Industry Trends That Are Helping Companies to Mint Money In 2019
Fintech industry is growing rapidly and has caught the attention of entrepreneurs, CEOs, and people at various levels of the hierarchy. Technology and digitization are the primary facilitators for making financial services more convenient. However, fintech industry trends are changing so rapidly in the industry that it often gets difficult for companies to keep up [...]
Fintech industry is growing rapidly and has caught the attention of entrepreneurs, CEOs, and people at various levels of the hierarchy. Technology and digitization are the primary facilitators for making financial services more convenient. However, fintech industry trends are changing so rapidly in the industry that it often gets difficult for companies to keep up with them. Traditionally, innovations and other fintech industry trends have been restricted by regulatory uncertainties and a conservative approach on the part of the government on such modern amenities. However, the past few years have showcased a paradigm shift in these perspectives. As technological developments in financial services advance, they necessitate the need for transparency in financial systems. Also, regulatory authorities can strongly benefit from such developments. In this article, we have curated a list of the latest fintech industry trends that can help companies to reduce operating costs and improve business outcomes.
Fintech Industry Trends
Payments through NFC
NFC, or Near Field Communication, is already redefining the way payments are made. Several countries are using this technology to enable contactless payments, where people can hold their bank cards up to a reader. It’s also built into most modern smartphones, and what is even more interesting is the fact that thishe technology can even be surgically implanted into a person so that they can make payments just with a wave of their hand. However, there is a long road ahead until humans can be seen walking around with implants. As NFC heads towards full maturity, it’ll be interesting to see the new ways in which we can use it, especially with more and more wearable devices entering the market.
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Multi-currency digital wallets
Most of us would have experienced the difficulty of having to exchange currencies at some point in our lives. The rise of new fintech indutry trends has eased the disruption of currency exchange systems which, until recently, have been exclusively ruled by traditional players. The past few years have witnessed a steady growth in digital wallets primarily because of the security they offer. Digital wallets store user’s payment information securely and compactly; thus, eliminating the need to carry a physical wallet.
The evolution of cryptocurrencies
Cryptocurrency is a digital currency that makes use of blockchain technology and operates in a decentralized network format. Blockchains are distributed digital ledgers that record a group of transactions in groups connected using digital keys. Initial Coin Offerings (ICO) is one of the essential fintech industry trends that stakeholders of financial services should pay close attention to in 2020. It has proved to be a significant source of funding for leading companies and startups. ICOs are events that usually extend for one or more weeks where buyers can purchase newly issued tokens in exchange for established cryptocurrencies like Bitcoin.
Implementation of AI across the stack
Artificial intelligence is a technology that has marked its presence in most of the industries, and the financial services industry is not far behind. In 2019, we saw fintech industry trends brimming with developments on the Artificial Intelligence front, and it is expected to get bigger and better in 2020. With the evolution of AI, companies in the fintech industry will be able to make more efficient decisions and find comprehensive solutions to their business problems.
Learn more about the trends that are going to impact the fintech industry in 2020.