What else to expect from FinTechs?
FinTech, a synergy between finance and technology, is several decades in the making and still has the world of possibilities. It’s clear that things in this industry are changing faster than ever before and it’s actually really exciting to think about new solutions that FinTechs are about to bring.
While trying to predict the future of financial technologies many ephasise that at the core of everything we will have simplification and personalisation. Automation will not even be a matter of question; it will become the way of life. From bill autopays to performing transfers or making investments – we are going to see a lot of apps created to help people live a more automated financial life. The layers of friction between customers and the financial service providers will be gone, making the banking process simply invisible. You might use only your voice to pay your monthly bills while driving to work or discuss serious investment decision with your virtual private advisor on mobile app. No need to say that physical visits to your financial institution will be long gone by then. Your banking will simply be everywhere.
What else? Intensified infiltration of Artificial Intelligence in finance, creating more efficient and improved existing products and services. And of course – social media. Technology is already bringing us closer together, while social media is revolutionising the way we interact with each other and do business. We think it’ll go even further and include all the participants of FinTech ecosystem.
FinTechs are actually breaking down walls. In many cases it’s the small or medium size enterprises that have the flexibility, creativity and courage to offer new solutions way before the market knew it needed them. So the pressure to innovate is very real and actually it is no longer a luxury but a necessity to survive.