The whole world has changed a lot during the rapid grows in the industry for the technologies, we are observing with great excitement how the technology has evolved, new ones have been born and how they together reshape the world we are living in. With this drastic changes, it is sometimes hard to think what the future holds for us and what kind of world will we be living in even in several years.
Reshaping financial industry
With this exciting changes in everyday technologies, the finance industry was the one that was left in the shadow for a while, as the industry itself is sometimes considered as boring and less exciting. However, things were changed when the Blockchain and cryptocurrencies entered our lives and gave space of unlimited imaginations to the public, companies and what’s most important, entrepreneurs.
These people saw that the creation of digital currency and blockchain industry would for sure create the need of the fastest, more comfortable banking and transaction system without any boundaries.
This leads the birth of the new word “Fintech” that so far from being boring. It is now very clear that the Fintech will completely reshape the financial industry but how exactly? Does not matter if you are in a financial sector, investor or just someone interested in Finance and technologies you might want to check the Fintech trends for 2019 as they are claimed to be the ones that will transform the financial services.
Fintech companies are already reshaping the financial services industry and it will continue so as the field is getting more and more innovative. Fintech products are improving everyday financial services and not only, with the development of financial technologies other subcategories such as insurance and regulations are also adopting the innovative approach.
1. Artificial intelligence and Robotic Process Automatization (RPA)
Artificial intelligence and Robots, in general, are considered to be a great help in many of the fields, starting from the data science to the medical industries. As the quantity of the connected devices and the means of the process the data has grown significantly more and more products are popping up that are personalized based on the individual data sets.
The robotic process automation software programs automate repetitive processes doing it much quicker. The prediction is that Robotic Process Automation (RPA) software will be widely used in 75% of financial services institutions by the end of 2019.
2. Mobile payments grow globally
It is not surprising to see the mobile payment increase in this list, as with the easy accessibility to your finances where you only need the smartphone and internet, mobile payment is far more attractive and comfortable than traditional banking payments. it is predicted that the worldwide volume of mobile payments will grow by 60% in the next two years.
3. Fintech App development
Banks have already started establishment fintech apps in their services, it is logical that the number of the banks who have fintech apps will continue growing rapidly and in the upcoming year over seventy-five percent of large banks will engage in fintech application development through open banking.
4. Fintech companies become the norm
With the fintech companies growing time by the time they will no longer be considered as disruptors in financial services industry but will be seen as partners and supporters of it.
5. Smart contracts and the real-Estate industry
As many of the financial transactions will happen through the fintech apps it is probable that it will tackle the real estate transactions as well, and 20 percent of the payments will be done via Fintech as well.
6. Real-estate projects and blockchain
Real estate is the industry where the blockchain software and fintech applications can really have great impact. The Blockchain industry will bring more transparency in the real estate projects and will make it considerably easier. its expected that over ten percent of commercial real estate projects will experience tokenization by 2020
7. Regulatory technology
As mentioned earlier rapid development of the fintech will have a great impact on regulatory subindustry. Regulatory Technology emerged as a result of the increasing regulatory requirements, per prediction, regular tech investments will increase by 500% by 2020.
8. Blockchain technology and Financial inclusion
With the help of blockchain technologies many unbanked individuals will gain access to verifiable, easily created an online identity. this will make such individuals more involved in banking services than ever. Thus the number of unbanked people will decrease from 1.7 billion to 1 billion by the end of 2020.