Top FinTech Trends
The financial market is rapidly changing thanks to rising fintech companies. Traditional business models and conventional banks are facing major changes as almost every type of financial activity is already re-imagined and significantly affected by fintechs.
Investors have quickly realised the potential of fintechs and the amounts of funding have increased dramatically during the recent years, especially in Europe. Initially, financial technology startups were trying to find and fulfill particular unique niches and underserved markets. Today when the startups already stand stronger, they are leveraging their capabilities and working on multiple new products.
The big potential is seen is European fintech companies. It is expected that they will have bigger and bigger global footprint and will seriously challenge competitors from the US market.
The conventional banks are realising that previously small and insignificant fintech companies are quickly expanding and taking over the market. To address that, they are racing with fintechs by investing serious amounts of funds to digital transformation and technical improvements.
The fintech industry is being driven by mobile technology and is becoming especially client-oriented. It is all about individual needs, personalisation, speed and convenience. And even though the focus on mobile technology is already quite strong, it is expected that mobile usage will only continue to rise in the future.
However, it is not all about technology anymore. One of the hottest subjects while talking about fintechs is young talent. The financial technology is heading towards the more efficient and individualised mode of operations, trying to meet unique and special needs of individuals. This direction is led by innovators and young talent is the main thing fintechs are competing for. The quality of new talent entering the market plays a huge role, adds competitive advantage and is a key to delivering the long-term strategies.