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10 Fintech Trends of 2020: Part 2

10 Fintech Trends of 2020: Part 2

In part one, we’ve told about such fintech trends as the simplification of payments, adoption of new regulations, collaboration between banks and fintech companies, the rise of APMs, AI, and virtual assistants. Here’s what else is in store for the fintech industry in 2020.

Blockchain and the Financial Sector

The US and China are world leaders in blockchain use and support its adoption in other countries. In recent years, blockchain has been successfully applied for the cryptocurrency. This year, financial institutions will consider adopting blockchain for traditional banking operations. According to PWC, 70% of financial institutions will adopt some form of blockchain technology by 2020. Blockchain can help resolve many current issues in banking and finance. For example, using blockchain technology can reduce fraud.

Fintech Will Become Mainstream

Experts believe that fintech services will become the norm in 2020. According to Global FinTech Adoption Index 2019, 96% of global consumers are aware of at least one money transfer and payment fintech service, and 74% of global consumers use one. These figures will get even bigger in 2020!

Voice-Enabled Services Are Here

Voice-enabled services have become a real phenomenon in a very short time. Millions of people worldwide use Google Assistant and similar technologies on their devices. According to CapTech Research, 65% of smart speaker owners use their intelligent assistants more than four times per week and said they were very comfortable making purchases with a smart speaker. In 2020, banks will start to adopt the voice assistants.

China Will Lead the Development of Fintech

China leads in almost every fintech category, including money transfer and payments, savings and investment, financial planning, and insurance. It is no surprise considering there are 800 million internet users in the country. China will continue to lead the global fintech industry in 2020.

Smart Contracts Will Support Fintech Development

It looks like fintech development and smart contracts will go hand in hand in 2020. Smart contracts are a modern and clever take on traditional contracts. They will fuel fintech development by being accessible, easy to use, digitalizing trust, and making transactions safe.

There is no doubt that 2020 will be a great year for global fintech. It is going to continue to revolutionize the financial sector and support e-commerce worldwide by improving user experience, upgrading the ways people do business, and making transactions easier and faster.

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