Keeping up with fintech trends may be uneasy for companies, however this can be crucial for business development and clients’ loyalty. Here are five trendy fintech trends you should know about.
- UX (User Experience)
Of all the fintech trends out there, User Experience has become a competitive necessity. Customers should enjoy both personalized financial offerings and attractive user interface. Therefore, financial firms tend to fulfill business needs by combining user-centered design with that meaningful experience for customers.
- Omnichannel experience
Customers can use services through different channels (ATM, mobile apps, desktop apps, web services, call centers, etc.) which empowers them to use the right tools in the right circumstances. This fintech trend helps understand customers’ activities on different platforms, analyze them, and improve the overall UX.
- Mobile payments
Mobile payment processing systems are a fintech trend that will become more popular in the coming years. Many big companies have introduced applications into the market that allow one to transfer money and even pay without reaching out for your wallet. These apps came in as a response to the need for fast transactions. The reality is, if banks cannot provide their clients a certain service, then software development companies will.
Cryptocurrencies such as bitcoin offer many benefits such as lower costs, increased privacy, and extremely fast transactions. The idea of sending money almost anywhere at a low price is compelling, however there are big and established competitors in this area that are hard to pass over. Bitcoins are facing adoption problems because people don’t tend to break their habits easily so no one pays for their dinner in cryptocurrencies – at least not yet. But the benefits provided by bitcoin should be evaluated, and fintech companies are quickly working to find ways in which these can be brought into the mainstream.
Crowdfunding platforms became a popular fintech trend a long time ago. They help people bring their ideas to life. Traditionally, these platforms have been used by start-ups, but recently Sony organized a successful crowdfunding campaign, and it is currently raising funds from the public for a second time to launch a product. Of course there are other platforms that enable large transactions, offer payment processing, escrow accounts, etc. The big difference is that companies are now targeting crowd funded equity and debt issuance. The crowd funded platform allows to accelerate a company’s growth by leveraging its easy to use tools.
If financial institutions do not keep up with the newest technology, they risk becoming uncompetitive. A deep knowledge of fintech trends and the adoption of innovative technology will provide new opportunities to drive revenue and expand product portfolios, especially in the medium and long term.