Top Emerging Finance Technology Trends to Know
One example of expansion, writes TechFunnel’s Marco Islas, “is the exponential growth of Ant Financial, the digital payments arm of the China-based tech company, Alibaba, who gained 100 million new customers in 2016 to reach a total of 500 million customers, matching the customer base of some of the world’s biggest banks.”
Technology has also enabled financial institutions to not only improve their services but also to foster better relationships with customers. A few trends that were predicted to redefine finance this year (2019) included changing customer demands, an evolving workforce, blockchain technology, smarter/faster finance, and more responsibility. As trends continue to change the finance sector, it’s important for advisors and workers to keep up with all things new.
Top emerging trends for financial institutions
Read on for five top emerging finance technology trends you need to know.
Personalization that goes above and beyond
Financial customers are becoming more specific and savvier regarding their money. They want a personalized experience that will give them non-generic recommendations of what their next steps should be money-wise. When shopping for a product or service or when preparing to make a major investment, they want clear advice from their institution or advisor as to what direction they should take. Consumers want to feel like their financial goals have been listened to and their financial activities are being learned from.
For financial institutions to know, understand and fully look out for their customers, rich data and artificial intelligence can help them to build end-to-end-personalization. Jim Marous, co-publisher of The Financial Brand and owner/publisher of The Digital Banking Report, writes: “With artificial intelligence (AI), there is the potential to transform customer experiences and establish entirely new business models in banking. To achieve the highest level of results, there needs to be a collaboration between humans and machines that will provide a humanized experience that is different for each customer.”
Mobile apps, mobile pay, mobile banking … our smartphones have literally brought banking to our fingertips. Think about it: When was the last time you walked into an actual bank? We can now deposit checks, transfer money, pay bills, and apply for loans all from our mobile devices. This means that financial institutions will need to place less focus on their brick and mortar and more focus on their mobile features. Customers expect their banking apps to be 24/7, fast, easy-to-use and glitch-free, requiring little to no human interaction.
When it comes to apps, financial institutions will additionally need to ensure that they are able to sync with other third-party financial service providers such as lenders, financial managers, and financial budgeting services. Daniel Newman writes that banks “will need to consider how they integrate with these third-party services — what information to offer, which companies they’re willing to partner with, and which of the services they may be able to offer to their customers directly — eliminating the middle-man altogether.”
And it isn’t just financial institutions that need to ensure their mobile game is on point. Restaurants, retailers and other brick-and-mortar places of business will need to make sure they are set up to receive mobile orders and mobile pay. As an example, Newman shares of how Honda has introduced mobile pay options gas via their own car dashboards.
Blockchain will keep making waves
It isn’t clear yet if blockchain will take over banking in the finance industry, but it has been making waves for a while and is likely to continue doing so. Even if blockchain doesn’t take over, it will certainly improve it by creating a transactional system that is smoother and less prone to fraud. Blockchain is set to impact the finance sector faster than other sectors because there are no radical transformations that need to take place for adopting blockchain technology.
According to a recent PWC report, 77 percent of financial institutions are expected to adopt blockchain technology as part of an in-production system or process by 2020. Marcell Gogan of Torque Magazine writes, “Blockchain technology will allow banks to reduce excessive bureaucracy, conduct faster transactions at lower costs, and improve its secrecy.” Additionally, he writes, “Blockchain can be used for launching new cryptocurrencies that will be regulated or influenced by monetary policy.”
Big and small will come together
As large financial institutions seek new ways to innovate and small financial start-ups work to grow, collaborations between the two will become common. Mastercard’s Start Path is a good example of this. The company launched it as a global effort to support later stage companies who are reimagining the future of commerce.
According to CNBC:
Mastercard’s Start Path works directly with later-stage start-ups and brings them through a core six-month program to enable them to scale. The program has already helped some stellar products — smartphones converted to secure contactless payment terminals from Mobeewave, a bank in your pocket for online payments with Revolut, and payments within social networks from PayKey.
Expect more big banks to come together with small start-ups that are bringing innovative ideas to the financial sector.
Payment processing will speed up
Many banks are currently working to speed up customers’ paying experiences. Apart from mobile pay, another way to do this is with contactless cards that allow customers to tap the plastic at the point of sale, rather than inserting a chip or swiping. This is a process, of course, but one that is almost there.
Linda Kirkpatrick, executive vice president of merchants and acceptance at Mastercard Inc., says, “We’re professing the benefits of contactless payments to our financial institution customer base and our merchants. Getting a market to move is a Herculean effort, but I do think we’re there. This is it. This is the inflection point we’ve been waiting for.”
Subscribe free now to get more technological updates! https://is.gd/NBPmt3
Bython Media Inc.
8668 John Hickman Parkway
Frisco, TX 75034
Phone: +1 (214) 295-7705
TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Top Emerging Finance Technology Trends to Know here
News-ID: 1799158 • Views: 235
More Releases from Bython Media
What Is Cloud Computing? A Complete Guide
How do you engage high-value target accounts with the right content at the right time so that they ultimately convert? The answer is found in account-based marketing. B2B marketers are implementing this type of strategy and making major investments and seeing boosted revenue from doing so. According to ITSMA , nearly 85% of B2B marketers who have implemented and measured ROI state that ABM has delivered higher returns than any other marketing
Mastercard Launches Early Pay For Gig Workers
We’re living in the gig economy – one where instead of being held down by one job, people distribute their tie between multiple jobs across multiple companies. While this has in many ways altered how businesses are run, the biggest issue is with payments. Gig workers may not be paid until days or even weeks later. This can create problems for those participating in the gig economy. “Because the experience is
Fintech Trends that Will Transform E-Commerce in 2020
Fintech innovations provide corporations like yours with enhanced communication, improved efficiency, and a more profitable bottom line for your e-commerce. Keeping track of these innovations and upgrades is critical for your business success, which is why we’ve compiled six of the essential fintech trends for 2020. These changes will exponentially transform the e-commerce marketplace, so don’t neglect their benefits. Regtech Will Be Huge in 2020 Compliance tasks take up around 15 percent of
3 Ways AI Bots Can Improve Your Marketing Automation Efforts
Marketing automation has helped to connect customers to product and services provided by companies and helped those same companies to streamline their marketing efforts allowing them to spend less time on operational execution and more on strategy and storytelling. There are lots of marketing automation programs available that now help marketers and business organize, optimize, and automate their campaign elements. One tech element that can help automation efforts but doesn’t get
More Releases for Technology
Thin Display Technology Market
The Thin Display Technology market was valued at Million US$ in 2017 and is projected to reach Million US$ by 2025, at a CAGR of during the forecast period. In this study, 2017 has been considered as the base year and 2018 to 2025 as the forecast period to estimate the market size for Thin Display Technology. Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-thin-display-technology-2025-491 This report presents the worldwide Thin Display
Wearable Technology Market
Wearable technology is gaining popularity at a rapid pace, and it has gone beyond just connected eyewear and smartwatches with new products such as wrist bands, smart shoes, smart apparels, and more. Companies are creating apparel, accessories, and fitness wear that can do everything from monitoring heart rate to charging a smartphone. Scope of the Report: This report focuses on the Wearable Technology in Global market, especially in North America, Europe and
Sapphire Technology Market Technology Impacting Growth 2025
Global Sapphire Technology Market: Snapshot Sapphires are a type of gemstone formed based off a specific type of aluminum oxide. While they are typically blue in color, there are certain sapphires that can be found in other colors, such as orange or green, while some sapphires may even show two or more colors. There is a wide range of non-ornamental applications for sapphires and sapphire technology. Some of the key uses
Innovative vacuum technology for chemical process technology
Busch Vacuum Pumps and Systems will be showcasing its latest vacuum solutions at ACHEMA. The new Dolphin liquid ring vacuum pumps are the focus of this year's trade show presentation. With the ATEX T3-certified COBRA NC 0600 C screw vacuum pump, Busch will be presenting another new product, specially developed for transporting temperature-sensitive and potentially explosive gases. With the new series of Dolphin LM/LT liquid ring vacuum pumps, Busch has been
Bio Simulation Technology Market
Global Bio Simulation Technology Industry Bio Simulation Technology Market is estimated at $1.01 billion in 2015 and is projected to reach $2.99 billion by 2022 growing at a CAGR of 16.6% from 2015 to 2022. Reduction in the cost of drug discovery and development and risk of failure of drug molecule are some of the factors driving the market growth. Furthermore, R&D investments in biotechnology and pharmaceutical industries, growth in the
ISG technology Announces New Chief Technology Officer
ISG technology, a networking and IT Services specialist, is proud to announce the appointment of Todor Georgiev as the new Chief Technology Officer. Todor spent the last nine years with Telelink EAD in Bulgaria, with the last three years as the Director of Systems Integration. He was responsible for developing and overseeing new business strategies, new products, services and operations, and new partnerships. He has a wealth of experience and knowledge in