Although the novel Coronavirus of 2020 brought many businesses to a halt, the fintech industry saw growth within various financial sectors and overall increased by 96%. The growth and development of the fintech industry have expanded past the idea once thought for the industry due to innovations into the digital space that made it necessary for many businesses to continue operation during various state and country-wide lockdowns. Various industries relied on a mix of brick and mortar with digital e-commerce stores to generate revenue, many stores have to make the necessary switch to e-commerce stores to meet the changing demand of the world during unprecedented times.
Here are some FinTech trends we will see throughout 2021 and beyond:
- Evolution of payment processing: The various ways payments have been taken before the pandemic we limited to a few ways. During and even post-pandemic will provide various ways payment processing will take place for various businesses. Many fintech businesses are seeing an increase in the “buy now, pay later” sector along with contactless and peer-to-peer platform selections.
- Advancements in AI: Artificial intelligence is the most significant on the list. Many FinTech companies are using AI within their applications to help with customer inquiries, being used during the verification period, or helping to analyze large amounts of data. The heights in which AI can reach for the FinTech industry can soon be discovered as the digital means of accessing information will increase.
- Need for E-commerce: As many businesses began to close their doors, there was a worry of how many operations will continue to generate revenue while keeping up with regulations placed within different states and countries. Across the globe, many countries have seen an increase in digital e-commerce from 6 to 10 percentage points in various industries. The increase in online shopping has been complemented by the growth in digital e-commerce.
- Digital & Cryptocurrencies: The pandemic also brought about various forms of currencies in the digital and cryptocurrency spaces. From previous years Bitcoin has made its resurgence to popularity and for much spectacular wealth. Other forms of cryptocurrency are making their strides to reach the same level of popularity as Bitcoin however many publications are predicting Bitcoin to reach $60,000 per share by the end of 2021.
- Digital Banks: Similar to the majority of retail and other businesses, banks have also moved into the digital space to assist customers with ease, convenience and most importantly following social distancing regulations. Digital banks provide a wide range of financial services for customers to use without having to leave their homes.
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Sources:
–https://www.forbes.com/advisor/banking/fintech-trends-after-the-pandemic/
–https://internationalbanker.com/technology/top-fintech-trends-in-2021/
–https://www.coxblue.com/8-fintech-trends-you-should-be-watching-and-paying-close-attention-to/
