Fintech has taken the finance world by the storm, and everyone is more than eager to contribute and transform the financial industry. In the past, we have seen a lot of changes, great improvements and many are choosing the fintech way instead of the traditional banking experience.
Here are some of the trends which will rule the 2017 and lead the finance world into a new era.
If you are on the internet there is no chance that you have not heard about the immense difference artificial intelligence is making. With the help of AI, finance companies are getting better insights about their customers, learning about their online behavior and providing them with the best service they can get. Great and insightful analytics are being provided, better applications are made and the entire experience has become smarter, more secure and better overall.
2. Customer Service
With the help of new improvements in technology, machine learning and the power of AI, customer service is better than ever. By getting the right analytics about their customers, companies are capable of creating the perfect product and offer it to the right customers. Apart from that, through many social media channels and other ways of communication the overall experience is improved as customers are now able to call in and inform themselves at any time about any service they need.
3. Open APIs
2017 is set to be the year of many great changes and open APIs are a way to do that. Open Banking is an emerging concept in financial world which is based on using open Application Programming Interface that allows third-party developers to build applications around financial institutions, increase financial transparency and use open source technology to achieve this.
By looking at their businesses as platforms and a chance to improve and grow with the outside world instead of seeing it as a closed community, companies are able to impact fintech and create great products by working with companies in other branches.
Security has always been a great concern for customers and it is so with a good reason. Nobody wants to place their hard earned money in the hands of a complete stranger and hope for the best. Today, with many innovations in the fintech world such as blockchain, the whole banking experience is becoming more reliable and secure. Mobile payments are now safer than ever, the whole process is a lot faster and more efficient.
5. Banks and Fintech Collaborations
Fintech companies have recognized the need to improve the finance world – to make it safer, faster and more efficient. Digital transformation is impacting the whole world, and banks are aware that they need to join in before it is too late. Studies show that traditional banks could lose up to 40% of their revenue if they do not transform. By collaborating with fintech companies, banks are adopting new innovative ways that lead to customer satisfaction and fintechs are learning from traditional banking as they have experience of extreme value.
These are just some of the trends that will rule 2017, but as we have realized so far, you can never know with fintech, it just might surprise us. We’re eager to see what innovations this year will bring and how it will transform the banking experience as we know it.
Manigo Team, March 2017