Fintech started in 1865 when the pantelegraph, invented by Giovanni Caselli, began operating between Paris and Lyon, France. It was most commonly used to verify signatures in banking transactions.
Now the fintech industry has developed far beyond what was once invented. In recent years, the development of the fintech market has shown the importance of automation and technologies that help the industry grow. From trading to secure mobile payments, fintech has drastically changed the way consumers and businesses interact.
So what will be the new fintech software trends in 2020?
#1 Process Automation
Business Intelligence and Robotic Process Automation (RPA) have become helpful tools for many businesses so far. Automation can help to maintain transactions or perform tasks with queries. Even when automation tools do not fully automate the processes, they save time for other important tasks.
Business Process Management systems or Function Specific Automation solutions increase efficiency and simply make life easier for team members and consumers.
#2 Open banking
Open banking helps consumers use banking services across multiple online platforms. According to Business Insider, with this system, banks open up their application programming interfaces (APIs), allowing third parties to access financial information needed to develop new apps and services that provide account holders greater financial transparency options.
Open banking is an engine of innovation in the financial industry. It is expected to be a leader among the top banking software trends in 2020.
#3 Online Trading
The crypto and blockchain technologies have matured in recent years. Nevertheless, 2020 is going to see further growth in the industry.
The magazine Entrepreneur says, “Black box trading is a proprietary, fully automated option for your investments that has been talked up and down for its attributes. It’s legal since it’s not expressly illegal, and relies on algorithmic and low-latency technologies. Computers and data-mining are not infallible, though, so you might want to consider a more personal approach.” For instance, there are platforms where traders will be able to build their own AI, trade using it, rent or trade the AI itself.
#4 Customer Centricity
That’s nothing new, yet customer-centric organizations value the customer’s feedback, their satisfaction, and loyalty that help businesses turn from daily operations to innovation.
In the fintech industry, the key to success is to give clients a high-level experience using the most advanced technologies you can deliver.
#5 Data Analytics
In today’s financial market, data is everything. Financial businesses have always been using data to make decisions or oversee future trends. With data analytics, banks and fintech startups can rely on data in a real-time mode that leads to better predictions.
By using visual data representation businesses improve operational and strategic decision making processes across an organization.
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More and more trends are propelling the fintech sector. The question is no longer whether fintech will completely reshape the industry, but which companies and organizations will align with emerging technologies. Will you align too?
