In what was previously an antiquated industry with rigid regulations and high adversity to change, the emergence of Financial Technology (FinTech) into the financial sector has put the gas on innovation around the world.
Fintech modernization helps banks, consumers, and businesses alike to increase gain potentials and ease processes in terms of compliance and user experience. It also helps businesses to better navigate risks, avoid overspending and generally better manage their finances while making data-driven decisions.
From custom enterprise software, to bitcoin ATMs, to new open banking solutions – let’s look into some of the hottest trends in FinTech development we expect to continue gaining speed throughout 2021.
New Customer Appetites for Seamless and Mobile Digital Experiences
With raising popularity of payments apps like Venmo and Zelle, customer patience for clunky digital experiences is at an all-time low and banks will need to enhance their mobile platforms and data strategies to keep up.
Fortunately, we have seen the trend of emerging custom software companies, like Devbridge, which specialize in establishing customized compliant mobile banking strategies and product solutions to help banks keep up with the new and continuing customer appetite for seamless mobile-first experiences.
The Rise of Bitcoin and Bitcoin ATMs
Bitcoin reached record highs in 2020 and the way in which the cryptocurrency is bought and sold has evolved too. Convenient Bitcoin ATMs are popping up all over the U.S. and we don’t envision them going away any time soon. Bitcoin Depot is one example of a business in this space and recently announced a network of over 1,000 worldwide Bitcoin ATMs in late 2020.
Open Banking Solutions and Incorporation of AI
The relationship between businesses and banking information was previously a strained and laborious one, which involved extracting statement information from multiple banking partners and manually uploading it to business systems for forecasting and tracking. Thanks to innovation, emerging open banking plug-in solutions have finally emerged to connect banks directly to business intelligence platforms and streamline reporting, forecasting and data.
Trovata.io an emerging fintech startup that just reported $20MM in funding, is one example of such platform. Trovata created an open banking platform alongside partnerships with some of the largest banks in the world to create a new solution which enables companies to instantly know how much cash they have, forecast more quickly, and manage cash flow with precision. The platform bridges the gap between banks and accounting systems to help businesses gain powerful insights into their cash flows that drive better and quicker business decisions with open banking and machine learning. With direct APIs with most major banks, businesses can get setup with Trovata in just a few hours.
The Takeaway
The fintech space is evolving swiftly and 2021 will be no exception. Bitcoin ATMs, open banking and mobile-first service offerings are three trends to keep on radar.
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