At the collision of financial services and technology is an exciting world that is set to grow further in 2020.

Emerging trends are set to shape the financial landscape and take modern banking to a new level, bringing these two industries even closer. Here, we overview our top five fintech trend predictions for the year.

 

Chatbot interactions

 

Artificial assistants in 2020 are set to power a large portion of human interaction. 
According to Gartner, chatbots are predicted to drive a staggering 85 percent of all customer service interactions this year, with the average person engaging in “more conversations with chatbots than their spouse”; bringing to light a rising technological pattern that businesses would definitely be wise to utilize.

 

Digital-only banking

 

Brick-and-mortar banking institutions are today seeing a tough competitor in the fintech scene. Digital-only banks make for a swift and easy banking process, cutting down long bank cues and agonizing paperwork. 

 

Recent research from McKinsey & Company found that retail banking distribution is becoming an increasingly digital venture, with the modern consumer accessing more services remotely from smartphones and desktops and choosing online chat sessions with advisors. The human aspect of retail will always be an important touch – but convenience is key. 

 

Mobile innovation

 

The global consumer is becoming increasingly less receptive to using cash when making a payment, instead demanding for an instant and invisible payment. 

 

Third-party online and mobile-payment platforms are continuing to develop new and innovative features that allow for an easier user experience, like biometric access and facial recognition. 

 

Gen Z digital natives are already embracing a cashless lifestyle. 

 

Robotic automation and artificial intelligence

 

AI is a promising new source of enhanced analytics and alternative data, with applications that complement traditional fintech analytics well.

 

It has the potential to drive hyper-personalization in the customer experience, improving existing performance and facilitating real-time interactions. 

 

Robotic process automation seems to be the next logical step in providing a seamless customer experience, improving processes including data analysis, onboarding and compliance processes. 

 

Cybersecurity

 

With the rapid increase in cybercrime, stronger data protection is imperative.

With the financial industry becoming increasingly more digital, cybersecurity innovations will be on the rise to combat customer data breaches, fraudulence, and identity theft. 

myprosperity’s clients are assured that we stay ahead of the curve when it comes to cybersecurity and keeping your data secure. 

Curious about how you can optimize your client’s fintech experience? Book a commitment-free demo with our friendly team today!