2017 was a big year for FinTech, with government legislations being implemented at every corner, India becoming a leading technological space, and so much more, but will this success continue into 2018? The financial industry is facing new challenges this year, with the likes of MiFID II reporting legislation coming into play, so with last year’s government intervention and this year’s new regulation, does FinTech stand a chance? We’re taking a look at some of the possible trends we could see in financial technology this year.
The Customer Will Continue To Be King
One of the biggest focuses that FinTech has had since it first emerged is consumers, and rightly so. Customers are the heart of any business and FinTech companies have been providing solutions to aid businesses in providing them with bespoke, efficient and personalised services. In an increasingly finance-driven world, it’s no secret that consumer demand grows each and every day for easier, more accessible, and most importantly, faster service when it comes to their payments, banking and ecommerce use. This year will see a continuation of this trend, with a focus on bringing back attention to card and ecommerce payments as opposed to the buy-now-pay-later style of shopping that has begun to appear.
In-Car Payments Could Become A Focus
As a result of customer-focus, 2018 could see FinTech starting to focus on improving the ease and efficiency of on-the-move payments – in particular, in-car payments. With driverless cars, AI voice-controlled assistants and so much more, why not integrate payment options into these? Hyundai and Kia alone have already announced plans to build AI assistants into their cars, and with this kind of network connectivity, FinTech start-ups have a whole new platform in which to work with. Add in the fact that driverless and automated technology is already in the works with drivers who may not need to focus on the road, and running errands, placing orders and making payments could all be a good use of travel time.
Security Is Key
Data is extremely important to every company, institution, bank and consumer, so the security of every single piece of data that goes through a system is a hotly sought-after necessity. FinTech start-ups have been focusing on cybersecurity for years, and with artificial intelligence, automation, risk-management and more all being worked into these programmes and solutions, this is a trend that certainly isn’t slowing down. Throughout 2018, we can expect to see plenty more FinTech start-ups appearing with new, innovative and disruptive solutions to the security of our data.
Artificial Intelligence Is Making Its Mark
Artificial Intelligence is a hot topic in the world right now, and the FinTech industry is taking note. In fact, countless vendors all over the world are already picking up AI processes to improve not only customer experience, but their own efficiency and security. Contextualised experiences, risk management, and business efficiency are all expected to be greatly improved with the use of AI over the coming years, with FinTech taking hold of the opportunity with both hands. Chat bots, machine learning, business processes and more could all see improvements and changes, so this really is the trend to watch this year.
FinTech is a market that is still going strong, and will continue to be in the coming years. With new technologies constantly being introduced, companies have more material than ever to work with for their innovative solutions to the world’s most prominent financial issues. Whether you work in the financial sector, are a FinTech start up yourself, or just a consumer looking for the best solutions to payments, watch this space!