As the financial technology industry continues to grow and as they spearhead new innovations in financial services, it will be important to keep an eye on key trends that could impact future success. Here are the areas financial leaders will want to watch in 2019.
One: The Sharing Economy Will Influence the Financial Sector
The sharing economy has changed the way we share rides, rent rooms on vacation, order food and more. Financial services will soon be influenced by this model, allowing consumers to cut the cord from traditional banks. Look for sharing models to make a splash by decentralizing asset ownership and to make it more efficient to connect with capital providers.
Two: Advances in AI and Robotics
Artificial intelligence and robotics are already being leveraged in fintech in a variety of ways ranging from natural language processing, identification of patterns, mobility, logical reasoning and more. Investment in AI and robotics has been significant and experts expect that we will see a tipping point – a period of steady, modest advancements followed by a phase of highly-rapid advancements that will revolutionize fintech services.
Three: The Public Cloud Will Become Infrastructure Standard
Cloud-based computing is hardly new, but many financial institutions use cloud-based SaaS applications for business processes that they consider to be non-core like HR and CRM. As comfort level with public cloud services continues to grow, watch for more fintechs, banks and financial companies to move critical financial processes to the public cloud.
Four: Regulators Will Lean on Fintechs
Regulators have remained several steps behind financial technology innovations for years, but they are trying their best to catch up, especially as cryptocurrency and blockchain become more mainstream. In order to keep pace with change, regulatory bodies will need to lean on fintechs to help them monitor the industry, conduct reviews, and ensure compliance. Look for more public-private partnerships in the near future.
Five: Cybersecurity Will Be Fintech’s Number One Risk
Cyberthreats have always been a major concern for banks, financial institutions and payment systems, but those threats will only continue to increase thanks to factors like:
*Growth of and increased consumer reliance on third-party applications
*Rapidly-evolving technologies
*Cross-border data exchanges
*The rapid growth of the Internet of Things (IoT)
*Increased use of mobile technology
Is Your Business Ready for the Future of Fintech?
Staying ahead of trends is the key to capitalizing on growth opportunities. If your fintech business is looking for talented professionals to gain a competitive advantage, contact the expert recruiters at MoneyTech Search today.