Although 2020 was an extremely difficult time for most of the world due to the global pandemic, the fintech industry actually experienced periods of rapid growth during this time. This is down to the absence of physical contact and in-person visits, as customers turned to virtual financial services and fintech solutions in order to access and disperse their funds.
The premise of a traditional bank is to care for and hold onto people’s money. In the modern age though, fewer and fewer people are putting their money in banks, with a lot of people turning to investment as a more viable and rewarding alternative. Third-party institutions are strongly competing with banks with their offers of high-income generating investments and people are doing this through the fintech method of open banking.
For many people, the idea of moving their banking completing online by using a digital fintech solution seemed ludicrous before the pandemic. Yet during this turbulent time in the world, the banks were closed and so online banking became the main and only banking option. Digital payments are one of the most popular fintech products. This is clear to see as more and more people are not carrying cash on them and concerns with COVID-19 have made digital payments the more desired option as it is non-contact. The idea of strictly digital banks seems much more likely now as it is a quicker, faster and even safer way to store your money.
When it comes to fintech, one of the main strategies is convenience, there is nothing more convenient than using voice technology. It has come apparent that Gen Z is the main focus for digital and fintech trends, because of this it is smart to provide and cater for their interests, one of these main interests being talking and using their voices! Fintech is using voice technology to advance secure payments and authorise payments with the use of biometric data.
Autonomous finance is probably the most important of the fintech innovations and upcoming trends. Autonomous finance will free up more time for people at home with them not having to worry about the countless amount of outgoing bills. It allows for people to put their worries aside and give the final responsibilities of paying to Artificial Intelligence. Allowing people to delegate their payment plans elsewhere will free up their time to do the things they want to enjoy, they can rely on these tasks to be consistently carried out by using fintech solutions.
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