Technological advancements are changing the world for the better by helping individuals and businesses remove any barriers between them. This is especially true for the FinTech industry, which has grown steadily over the last few years.
If you look at the number of mobile apps that’s available on the Google and Apple stores, you’ll see that it has already reached the millions mark. Out of those apps, financial apps are downloaded by approximately 63%
of smartphone owners. FinTech companies are using sophisticated application programming interfaces (APIs) to develop cutting-edge software, so business owners like you can bring your products and services to the hands of mobile users.
Did you know that the number of mobile device connections has surpassed the number of people in the world and that over 66.72% of the world’s population own a mobile phone?
Given this, it’s not surprising that FinTech is taking advantage of the smartphone’s capabilities. In fact, Fintech is even making its way into the banking industry. While traditional banking is still largely popular, digitalization is slowly but surely attracting more and more users. Instead of physically going to the bank and lining up to transact with bank tellers, financial transactions can now be completed online. Digitalization makes it possible for customers to automate different kinds of transactions on their desktop or mobile devices—from sending money to someone and making online payments to applying for a loan.
Speaking of online payments, you can also leverage digitalization to offer newer payment methods to customers, including cryptocurrencies. This type of digital money is powered by blockchain technology, which is one of the most advanced forms of technology that this era has ever produced. It’s so revolutionary you shouldn’t be surprised if, in the near future, the use of cryptocurrencies will spread to businesses of all sizes. Who knows? Maybe someday, even your small purchases from the local grocery store can be paid with digital tokens.
These trends show that FinTech is everything but a buzzword. Rather, it’s an indispensable and specialized tool that improves the financial services affecting a wide range of industries. It’s FinTech that empowers customers and businesses alike to communicate and interact with one another in a faster, safer, and more convenient manner. That said, FinTech may be ready to take over the future of finance. In fact, almost 80% of financial institutions have already established a partnership or collaboration with third-party FinTech companies.
Today’s consumers demand convenience and speed from the companies and businesses that handle their finances. A few years from now, people may no longer be patient enough to stand in line to pay their bills, make deposits and withdrawals, or apply for a loan. Consumers know there are easier ways to transact. They know that there are tools out there to make processes faster. And they know that there are companies out there willing to provide this convenience they crave. Be that company.
If you’re not looking into FinTech trends to improve your products and services, then your competitors will leave you behind in the dust. Here’s an infographic that further describes the top trends in fintech, which may impact your business this 2019 and in the years to come.