The Fintech industry is one of the fastest growing today. This is not surprising, since in the rush of modern life, financial transactions can no longer take long. Instant transactions have already become the norm for both payment for goods and international transfers. But besides this, companies are starting to come up with additional services or automation within the business. We will tell you about the latest trends in this direction.
Innovations at the intersection of IT and finance
Seamlessness, platforms and total financial literacy are the main trends in the financial sector according to market experts. Joint products with banks, expansion of the minimal contact economy, moving away from ecosystems towards platforms and an active financial educational program are the main directions in which the fintech industry will develop in the near future. If you would like to ask a question to an expert in this field, follow the link https://djangostars.com/industries/fintech/accounting-tax-software-development/.
Obviously, the coronavirus situation has had a major impact on industry trends, changing consumer behavior and forcing companies to think about new ways of development. However, some fintech trends have not felt the impact of COVID-19: for example, traditional banks and technology companies continue to exist in a rivalry-cooperation mode, competing with each other and at the same time creating new models of collaboration.
Now banks and financial companies in general are thinking about what additional services they can develop:
- Began to be more involved in the development of products in the area of compliance;
- Pay increased attention to information security;
- Evaluate projects from the standpoint of risk management.
In the short term, businesses will need KYC systems and products for remote verification of counterparties. New opportunities have opened up for niche fintech solutions. They cover customer requests in financial services that universal banks cannot provide. Also, in general, there will be popular seamless and easily transformable fintech solutions for B2B: digitalization has become a necessity for business survival, and the latter will continue to increase it.
In terms of products in demand, the demand for solutions for representatives of the digital economy will also continue, which only intensified during the pandemic. Many solutions for the segment appear on the market:
- Insurance solutions;
- Loan products;
- Services for equalization of income and capital management.
Large banks and IT companies began to offer their services for self-employed. This is further evidence of the rapid growth and great potential of the market.
Financial literacy is derived from the outlook and awareness of users. The more they study the financial topic, the more convenient tools they find for themselves, starting to gradually apply them in life. Due to the active development, fintech companies provide not only alternative solutions, but also help to improve proven, classic banking products. An advantage in this market is given to players who offer convenient, high-quality and interesting products that allow both saving money and earning.