This year started out to be yet an exciting one for Financial Technology, I think it is safe to say 2017 is “the year of Fintech”. I support my statement by drawing attention to the growing interest in these solutions among traditional retail banks. The consumer wants their life to be as mobile as possible, so even the traditional banks have been putting resources into improving their mobility.
Being able to check your bank account or transfer money, from your phone, is a feature that we in 2017 probably already take for granted. Although we only need to go a few years back to see that at one point that was unthinkable. Financial Technology grows in such rapid speed, that the average John Doe can not keep up. Even for large corporations it can be overwhelming with all the additional information and technology becoming available.
Companies spend a lot of money on research and development to make sure they follow all the new technological trends and features becoming available. It is safe to assume that the more mobile your bank is; the more money you will save as an owner. Not to mention, the average banker love to do as much as they can from the comfort of their own home. All these new improvements, is there still more to come?
One feature that you will se more in the future is the chatbot. Some of the biggest bank already started implementing this feature in 2016, such as Bank of America ad Santander. The chatbot is not a new innovation, but implementing this in business context is new. By adding this feature, as a costumer you will get help faster and easier than ever before. These robots can handle a lot of basic questions consumers might have, without the costumer having to wait in line in a physical bank or on the phone.
Paying with your phone is an everyday motion, wherever you go you see people take out their phone at the cashier. Contactless and things such as Apple Pay is being implemented everywhere. Giants such as Samsung and Google are likely to want to enter this new market soon. Competition is hard and who knows, maybe you can pay via your Facebook account in the future.
I read an article written by Timothy Li (2017), founder and CEO of Kuber Financial, where he discussed what is next for Fintech. He had written a paragraph about something I thought was a very innovative idea. Li stated that having a tracking system attached to you at all times will be a requirement for payments. Therefor if you enter a “high-risk area” the device would let you know to be careful or up your insurance coverage. This feature is most definitely going to arise in the future of the Fintech.
To conclude, there is always bright and innovative ideas being developed and implemented in the world we live in. Whether that is Fintech or not, there will never come a time where the world is completely empty of new ideas. The people will never stop moving, so ideas will never stop flowing.
Li, T. (2017). Top Ten Fintech Predictions for 2017 – Crowdfund Insider. [online] Crowdfund Insider. Available at: https://www.crowdfundinsider.com/2017/01/94496-top-ten-fintech-predictions-2017/ [Accessed 1 Apr. 2017].