Are you prepared for the trends that will impact the world of FinTech as 2019 continues to unfold?
This fast evolving market has even traditional companies changing gears for what is to come.
Last year saw plenty of changes too, as mobile technology became more and more important to this industry.
Biometric technology and digital banks have flipped Fintech on its head, and 2019 will likely do the same.
Read on to learn the top five Fintech trends this year, and how you can stay ahead of the curve.
Top Five Fintech Trends in 2019
The software of Fintech continues to become more and more advanced and compete with traditional models.
Therefore, it is vital at this point in time to stay up-to-date on where this industry is going. Below are some key shifts in Fintech to remember.
1. Mobile Banking
While 2018 saw some of the first ever mobile-only banks, 2019 will see an expansion of this technology.
Because of the user-friendly aspects, consumers are opting out of a brick and mortar bank.
Considering the savings on both the business and consumer side, expect to see an uptick in the number of digital bank's on the market.
2. Blockchain's Impact
The irrefutable fact of security and efficiency that is blockchain technology is slowly being recognized.
Its use is continuing to rise, especially in North America and Europe, and many banks are investing in it. Prepare for changes to come with Blockchain.
3. Artificial Intelligence
AI (Artificial Intelligence) will continue to expand in 2019 as banks shift from algorithm based models to more advanced systems.
The reality is that in a few short years, AI may be doing the majority of financial legwork.
Virtual AI-assistants are also emerging as chatbots on social media, further cementing this as a trend for this year.
4. Traditional Firms are Shifting
Even traditional banks are shifting to become more like their innovative competition.
The concept of disruption is becoming mainstream for even the oldest Financial firms, as it has proved a successful approach for the industry.
5. Payments Go Contactless
Mobile payment advances this year will likely include contactless payments, as well as much faster payments overall.
This is especially true in the U.S., where contactless payment has yet to really take hold. Conventional banks aim to stay competitive with companies like Amazon, Google, and Apple in the payment industry.
Prepare for FinTech 2019
All in all, staying ahead of Fintech trends this year will greatly involve embracing more complex algorithms and AI.
While conventional banks continue to fight back against newer startups that attempt to disrupt the industry, blockchain will continue to grow in 2019, and it shows promise for a more secure and efficient system for auditing purposes.
FinTech will also experience a shift in payment methods as credit cards go contactless.
Moreover, banks will be competing with tech companies like Apple and Amazon in their payment solutions, but are likely to remain on top.
Finally, the FinTech industry especially shows promise in 2019 for those interesting in launching a start-up outside of traditional financing.
Learn more about this shift in our recent article on tapping into commercial loan underwriting for your startup.