As you already know, we live in a technologically-driven era, hence, it is only natural that more market branches became involved in a “digital race”. Even though finance is a solid area, it now has a digital double, so, it is only natural that companies started cooperating in that way.
If you are new to the FinTech world, you might have some problems with understanding what trends you should focus on in 2020. And, if you are in this situation, you might find this article incredibly helpful. The text below will feature the best trends that you should definitely focus on in this new year. Let’s take a closer look:
Think About The Next Generation Online Banks
The number of banks working with FinTech is increasing extremely fast, however, there are new financial mediators that have emerged. Banks that are digital-only already became and are continuing to become a really strong competitor to traditional banks and institutions. Of course, they do provide the same service, but, they also offer a wide range of services that clients might find extremely beneficial.
Smartphone Applications Are Extremely Powerful
People use their smartphone every day, so, it is natural that investing in mobile applications is always beneficial. Both brick-and-mortar and online banks focus on giving their client a good online service by using smartphone apps.
It is going to become even more popular during this year, especially since it is more convenient for people to finish a transaction with a few, simple taps on their smartphones.
Implementing Chatbots on Company Websites
Another useful thing you should choose to focus on this year is a proper virtual assistant that will provide a good, high-quality experience for your website visitors. As you know, employees require salaries, but, chatbots do not.
This is why they are becoming increasingly popular in all industries. Hence, by implementing a chatbot, you will not only be able to save money but, time as well. Plus, your customers will have a better experience, which can easily motivate them to return to your website.
Cryptocurrencies Will See a Rise in Popularity as Well
Since Bitcoin first appeared on the market, the entire buzz revolving around cryptocurrencies did not stop. Of course, the first market where this tech is in demand is the Information Technology industry, however, it is also quite popular in the financial sector as well.
A wide range of online banks and physical banks collaborate with FinTech with the goal of implementing this currency into usual money exchanges. This initiative is incredibly supported by various startup companies, who are looking to find investors by ICOs.
Insurance That Will Be On-Demand
Now, for a lot of companies, on-demand insurance is what they will entirely focus on during 2020. These applications saw a surge in popularity – and that is exactly why economic sectors cannot shy away from this trend. Financial companies started to offer various services online, and they did not make an exception for insurance.
So, clients can now obtain a car, estate, travel, and other insurance types in several minutes by using an app on their smartphones. That is why on-demand insurance is what a lot of companies should focus on during this year, especially since it is convenient and easy to use.
The Implementation of RPA
RPA stands for Robotic Process Automation, and it is something that is quickly growing in popularity. According to the expert Eyal Nachum, more and more businesses are now looking at ways to gain complete automation, as well as methods for increasing the company’s productivity levels. These automation processes will allow all users to get the maximum for a short period of time.
Should We Focus on Digital Wallets?
With the increase of online banks and cryptocurrencies, people started using their digital wallet daily. This is why it is important to further expand digital wallets. Even the physical banks are looking at implementing these services since they will be able to attract more clients if they are offering something that is quite popular.
Banking Might Be Online-Only
Although it will literally be impossible to not have physical banks, we will definitely see online ones more often than before. This “new financial mediator” idea has already taken root in the modern financial industry, hence, we can only expect it to expand even further.
As previously mentioned, blockchain is something more people turn to, hence, it is closely related to online banks. Clients will also be happy that they have a bank in their smartphones, hence, it is likely that they will be supportive of this idea.
An Expansion to The Asian Market
During 2019, a lot of companies have expanded to Asian markets – and in 2020, we can only expect more companies to do the same. Firstly, a lot of startups are emerging in Asian countries, so, there will be a lot of changes in this field.
Second, Asia is slowly becoming one of the strongest competitors today, thus, large corporations are looking for ways to expand their business over there. If they are not looking for expanding their businesses to Asian countries, they might also look for companies that are willing to collaborate and establish a partnership with foreign companies.
As you can see, there is a wide range of FinTech trends that you should focus on in 2020. The ones mentioned in the article above are some that you should definitely focus on, especially if you are looking for ways to expand your business.
Now, the trends mentioned above will not only save your business a lot of money or time, but the trends will also provide a better user experience for your clients – which can be extremely important for your business operations.
Hence, now that you have learned what you and your team should focus on in 2020, do not waste any more time, and start coming p with a FinTech strategy that will help your business thrive further!