10 Fintech Trends of 2020: Part 1

Single-click payments are the ultimate goal, but it doesn't mean that they will be less secure. On the contrary, it means more security and no extra actions. Companies have always strived to provide the best customer experience, and simplifying the payment procedure while maintaining high-security standards and providing an opportunity to choose from various payment methods might be what takes this quest to a new level.

According to Statista, the number of contactless payment users will reach 760 million in 2020. Therefore, payment methods such as digital wallets, payments without a card, cryptocurrency, and mobile payments will become even more essential. Many years ago, credit cards had replaced cash, and now it looks like it is their turn.

Artificial intelligence is very cost-effective. According to Autonomous Research, AI can help banks reduce costs by 22% by 2030. This will help them save an impressive amount of 1 trillion dollars! Many banks have already started using AI and chatbots to increase productivity and provide a personalized customer experience. AI is also successfully used by banks to fight cybercrime, as it can monitor the system 24/7 and detect potential threats.

There is no doubt that modern banks have trouble keeping up with fintech companies in terms of innovative digital solutions. Mostly because they rely on fintech companies to develop these solutions for them. Banks and fintech companies will start working together more to provide their customers with the best experience.

Regulations for banks and other traditional financial institutions have been established many years ago. However, when it comes to fintech, there are still no proper regulations. According to experts, 2020 might bring some changes in this regard.