FinTech continues to develop actively from year to year. From crowdfunding to mobile payments and money transfer services, FinTech is revolutionizing the way consumers and businesses conduct financial transactions.
As with any technology, financial developments are emerging very quickly, and owners of any business want to keep up with these innovations. What trends will influence the development of the industry in 2020? Forbes experts have voiced their forecasts, so that entrepreneurs and just fintech-enthusiasts know what to expect.
1. New technologies in regulation
Regulation is applied everywhere in the financial services industry. Many compliance tasks are still carried out manually or under human control. New regulatory technology solutions will soon be available to optimize processes and reduce costs. Not only regulatory solutions, but also managed IT solutions will help the industry to make the work processes more coherent and effective.
2. Solutions for conversion of cryptocurrencies into cash
Due to the growing interest in cryptocurrencies and blockchain, new technologies and proposals to convert cryptocurrencies into cash are expected. At the moment, there are many limitations in this segment, but experts believe that where there is regulatory confusion, there are new opportunities.
In 2020, new technologies and proposals for converting crypto currencies into cash are expected.
3. More partnerships between fintech-startups
One of the trends in the coming year is the growth in the number of partnership agreements among fintech companies. Smaller companies will benefit most from this. Traditionally, Fintech companies were focused on one market segment. Now, working together, companies can offer their clients more products and services. More managed IT solutions makes great peer relationships.
4. Unique mergers and acquisitions
Experts are confident that in 2020 large fintech companies will acquire technology companies in order to reduce their costs. Therefore, it is worth preparing for the fact that players in the FinTech market will merge with companies engaged in marketing, big data and software development, not related to the fintech.
One of the trends in the coming year is the growth in the number of partnership agreements among FINTech companies.
5. Players from other industries will enter the FinTech market
Large companies from other industries are planning to enter the FinTech market to expand their customer base and find new sources of income. In turn, large financial players are also expanding and starting to work in other industries, such as lending. Of course, there are a number of risks for companies in this case, such as increased competition, data protection issues, brand destruction risk, etc.
6. Using FinTech for protection
Fintech solutions protect vulnerable consumers such as the elderly, who are targeted by scammers, or teenagers learning how to manage finances. As an example, the new technology for Visa prepaid cards blocks certain purchases that appear suspicious.
7. Automation of processes with the help of robots
Nowadays, it is possible to automate almost everything. Bots can take notes and make transactions, make settlements and work with requests. Even if it is not possible to automate all processes, robotics can provide better support for clients.
Conclusion
Now there are a lot of banks working only with digital technologies, which often help traditional banks to earn money: their services are much cheaper, because the company does not have to spend money on logistics or new employees. Artificial intelligence is increasingly being used in the financial sector, especially in connection with the introduction of blockchain technologies.
If you are a site owner and you want push site to the first page of search results, free backlink generator will help you a lot. With the right software, mentioning and linking to other websites becomes easier and yields better results.
By 2020, more money will have been spent on investments in the Fintech sector, more joint projects will have been launched and more regulations will be in place. Technical expertise will be in much greater demand than ever before.
Therefore, it is worth preparing for the fact that players in the FinTech market will merge with companies engaged in marketing, big data and software development, not related to the fintech.
Add: If you’re an owner of such a company and plan to go through with a merger or an acquisition it’s important to first build a financial model that will be helpful to calculate the impact of the future investment.
4 comments
… [Trackback]
[…] Info to that Topic: thelibertarianrepublic.com/fintech-trends-for-2020/ […]
… [Trackback]
[…] Find More here to that Topic: thelibertarianrepublic.com/fintech-trends-for-2020/ […]
… [Trackback]
[…] Find More here to that Topic: thelibertarianrepublic.com/fintech-trends-for-2020/ […]
… [Trackback]
[…] Find More on to that Topic: thelibertarianrepublic.com/fintech-trends-for-2020/ […]