5 Fintech trends driving the financial services industry in 2020

Fintech was initially thought of as just a ‘buzzword’ or a few small tech startups disrupting a well-established financial industry. It is now leading the financial services industry, resulting in large organisations adopting more and more fintech services and competing with smaller emerging companies.

Watch our webinar ‘The latest in Fintech’  focused on the trends we saw in 2019 and what we expect to see in 2020. Our experts cover a comprehensive number of topics from the purely financial regulatory elements - the ‘fin’ as well as the technological aspects such as how technology is evolving and how the law is adapting to cope with both aspects.

Below are 5 key trends we can expect to see next year. Tune in to learn about them in more detail.

1. Robotic Process Automation (RPA). RPA enables developers to organise automated processes to work seamlessly so banks can offer their customers similar services to their competition. According to research by Accenture, nearly 64% of consumers would rather type a quick message than call a support number – this is a trend that is expected to grow in 2020. It is no longer enough for banks to focus on what their products do but how they do it and how their customers value that user experience.

2. Cashless society. Fintech has seen the creation of several digital only banks as well as cryptocurrencies e.g. Bitcoin and even Facebook’s emerging currency the Libra. Not to mention other tech giants like Apple offering their very own credit card and Apple pay. It seems cash may be a thing of the past as fintech drives us towards a cashless society.

3. Cloud-based systems or SaaS. We have seen a significant shift towards Cloud-based software as a service in 2019 but only in its initial stages. 2020 will see a lot more financial institutions adopting the technology for processes like CRM, HR and financial accounting. The technology is rapidly evolving allowing for it to be used in core service infrastructures such as consumer payments, credit scoring, and statements and billings.

4. Data Science. The days of surveys and questionnaires have passed, and customer intelligence will be a top priority for traditional financial firms. Banks, insurance and accountancy companies have all grown their tech teams in 2019 to ensure their organisations are keeping up to speed with the changes in technology.

5. Open Banking. Customers have more choice than ever before when it comes to banking, making Open Banking a great option as it allows customers to share their data with third party companies, giving them access to control their finances and make the right choices.

 2020 promises the start of an exciting decade in fintech, watch the webinar now to learn more about the trends, challenges, and benefits of a disruptive yet impactful industry.