FinTech has reached a tipping point. Businesses are no longer focused on the use cases and are beginning to operate at a much larger scale to enhance the revenue.
FREMONT, CA: The FinTech sector is now providing services to all demographics across the financial services value chain. With so many established media organizations, companies, and tech experts sharing their outlook, it is almost impossible to add any unique insights about FinTech trends.
Storing, processing, and generating insights from consumer data will be even more critical FinTech trends this year. By implementing and deploying artificial intelligence (AI) and big data, FinTech companies can rely on processed data to attract and retain new customers by personalizing the offerings. FinTech firms can leverage AI and big data to generate customized financial services to fulfill unmet needs. AI-based workflows can discover new clients, streamline risk management, and cut down compliance costs drastically.
Blockchain technology is very close to having a tangible impact on real-world problems, and the world's governments are paying close attention. 2020 will see better regulations, higher adoption rates of the crypto derivatives, and better growth of the digital ecosystem, with exciting new opportunities for the firms worldwide.
Voice-enabled services have become a sensation in a shorter period. Google Assistant is available on more than 1 billion devices, and Google's competitors have hundreds of millions of users worldwide. As voice assistant systems become more tightly integrated with banks, shops, and P2P payments, the more personalized the user experience will become. In 2020, the emergence of the voice assistants for banks, lending, and collections.
With access to the banking data through APIs, licensed FinTechs and financial institutions will be able to provide personalized services to the participating consumers. Nevertheless, open banking has been overshadowed by fears over the security and privacy of personal data.
2020 is going to be a fantastic year for the FinTech industry. Even with the challenging regulatory barriers, FinTechs have expanded beyond their local markets and continued to disrupt incumbent institutions with innovative products.