The Top 5 Fintech Trends Emerging In 2018
Wondering what the newest trends in the world of FinTech will be for 2018? Check out this article to learn about the top five FinTech trends coming this year.
Technology is changing every industry and sector at the speed of thought. This is particularly true of FinTech, as a cutting-edge and emerging discipline. FinTech trends are shaping up to reshape the world we live in and the way we conduct business.
Over $10 billion is invested in FinTech each year. These investments could be anything from mobile banking apps to fundraising and asset management.
These FinTech trends are going to be some of the most game-changing innovations in the financial technology industry.
1. Digital Wallets That Handle Multiple Currencies
Globalization is becoming increasingly unavoidable in our digital world. Currently, 7 million Americans are employed by foreign companies in the United States. The ability to easily convert currencies without incurring fees will continue to rise.
Digital wallets are good for business owners, as well, as they also offer a wealth of useful information for marketing research.
2. Cryptocurrencies
Cryptocurrencies are synonymous with FinTech Trends as the most glamorous, exciting face of digitized dollars and cents. It seems like Bitcoin is in the headlines every other day, as people investigate the blockchain-based asset as an investment opportunity.
Blockchains are intended to prevent market tampering using peer-to-peer technology. Considering how extensively corrupt financial institutions and practices have impacted our world in the 21st century, you can expect to see FinTech trends continue to grow.
3. Biometric Security
Mobile payments have been increasing by 80% annually since 2015. With the rise in mobile payments, there comes a greater need for enhanced security.
Biometric security might sound sci-fi, but it’s here. Mobile tech companies are using facial recognition software, already. Iris detection and fingerprint analysis are two other common forms of biometric security that we’ve been seeing.
Expect biometric security to change the way we protect our personal identities. Long, complicated passwords will eventually be phased out. It’ll be interesting to see how identity theft evolves to match the emerging security technology.
4. AI Advisors And Automated Asset Managers
The fact that stock exchanges no longer close has had profound implications on the way we invest in stocks, bonds, and mutual funds. With investors being able to move their capital around the globe, 24/7, via foreign exchanges, sometimes even minor fluctuations in inflation can earn a tidy profit.
Most of these transactions are conducted digitally, as well. These leaves a powerful trail of financial data that can be mined for insights by AI and neural networks.
We’re already seeing robotic financial advisors. There are automated investment engines that will select savvy investments for you, as well. Automation continues to disrupt every industry in new and interesting ways.
5. Amazon Bank
Amazon Prime has at least 66 million members. Imagine if Amazon were to get into the banking industry. It will truly be The Everything Store, at that point.
Amazon has a higher customer satisfaction rate than most financial institutions. Millennials prefer to work with large corporations than traditional banks. It stands to reason they would turn to one of the most well-known brands on Earth.
Whether Amazon entering the banking industry turns out to be utopian or dystopian remains to be seen.
These are some of the financial tech trends we’ve already noticed having profound effects on the ways we conduct business. There are bound to be surprising new trends over the next calendar year that we haven’t even dreamed of yet. The financial industry remains a fascinating sector to watch.
Ready To Start Exploring The Future With These FinTech Trends?
How you feel about the future is dependent on how ready you feel for its arrival. Want to start making the most of the technology at your disposal? See the complete list of financial technology solutions we offer.
