Recovered from the after-shocks of the financial crisis of the last decade, the financial markets have moved ahead with a stride thriving to bounce back.
Accompanied by technological evolution, regulations, and modulating customer behaviors, FinTech has risen to new heights.
FinTech is short for Financial Technology. It includes a large number of products, technologies, business models, and financial services. It refers to everything between cashless payments, to crowdfunding platforms, to Robo-advisors, to virtual currencies.
Global Investments in the FinTech industry have added up to $111 billion last year according to Klynveld Peat Marwick Goerdeler KPMG report. The only reason for this amount of investment is that consumers are adopting FinTech trends faster than anything else. One out of every three people across 20 major economies reports using at least 2 FinTech services in the last year. More than half of the consumers in China and India are using services like money transfers, financial planning, insurance, and borrowing, which makes them leading contributors in FinTech Market.
This exclusive Financial Technology has filled a void for people around the world who don’t have access to traditional banking services. In fact, it is estimated that around 2 billion people across the world are without bank accounts.
Because of such a market scenario in the last few years, numerous Fintech startups have emerged to satiate customer’s financial needs.
In this blog, we are going to see the most important FinTech trends of 2020 which will have predominant impact on business world.
These are the most innovative by-products- FinTech Apps resulted from the evolutions and the technological backbone behind those achievements.
- Venmo – P2P Payments
- Wells Fargo – Biometrics
- SunLife – Artificial Intelligence
- HSBC – Open Banking APIs
- PayPal – Near Field Communication