More fintech trends to watch as 2019 commences

There is a plethora of choices now, in this digital age, for would-be entrepreneurs: from mobile payments and networking to crypto-mining and crowdsourcing. Creating disruptions are now most welcome in a more leveled playing field that provides more equal, cheaper, and democratized opportunities to earn money.

Because fintech firms are more versatile than traditional banks, they are better primed for adapting and innovating alongside or at least faster to new technologies. It can be argued that the future of finance lies in the speed by which fintech institutions innovate. A good example is in the rapid rise of the smartphone, which has drastically changed the habits of consumers on a global scale. Nowadays, more and more financial transactions are done online using mobile phones, and industry leaders offering the most user-friendly apps are reaping the benefits.

2019 is also the year that AI, cloud networks, and blockchain blow up. We’ve already seen how cryptocurrency has changed the landscape of digital transactions, and there’s no reason to think the impact will dissipate despite the up and down values of, say, Bitcoin or Litecoin. More and more companies are accepting digital money payments, and soon this decentralized process will take over unless banking institutions find a way to better incorporate digital solutions in their everyday processes.

In fact, completely digital banks with no actual branches are now appearing, targeting mostly millennials who rely on mobile transactions via their smartphones. Apps development and design are key in converting even more consumers to these paperless processes, and experts are predicting that the number of physical bank branches worldwide will drop significantly in the not-too-distant future. This, of course, is premised on the rise of better biometric technologies to guarantee high levels of transactional security and protection from cyberattacks.

Hi, my name’s Steve Sorensen, a CPA and business writer offering financial consultations related to banking, loans, investments, and employee embezzlement. More finance-related reads here.