Top 6 Global Fintech Trends of 2019 - FOX21- Entertaining Delmarva One Click at a Time

Top 6 Global Fintech Trends of 2019

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fintech trends

Originally posted on http://blog.ionixxtech.com/top-6-global-fintech-trends-of-2019/

 

While the entire fintech industry is usually less understood by most consumers, it is quite an achievement that fintech companies raised $40 billion in 2018. If there was one trend in the last year, it’s been growth. Considering that the industry is showing exponential patterns of growth, it is important that consumers are always on the lookout for the latest developments.

Here are six global trends to watch out for!

1. Traditional Banks Are Reinventing Themselves

While banks and fintech startups once had an adversarial relationship and then a collaborative one, now banks are doing their own fintech work. Banks have implemented robo advisors to help clients dealing with their financial needs.

In this way, banks are disrupting their own systems and upsetting digital retail banking from within.

2. Niche Services Are No More

Niche service providers were once creating content for one specific service and becoming the best at doing what they do. However, as traditional banks have acquired startups and companies that do things they can’t do, fintech companies are starting to expand.

Fintech companies are “rebundling” services together. They’re enriching their companies by offering more and more services. By becoming more robust service providers, they’re able to attract more customers, creating a rivalry with banks.

3. Blockchain Unbound From Cryptocurrency

While most people associate blockchain technology with cryptocurrency, the two are now of on their own paths. Bitcoin and blockchain were tethered together because one had no purpose without the other. However, as more applications for blockchain have been found, it’s now infiltrated fintech.

Fintech companies appreciate the independence and accountability that blockchain offers. Customers also appreciate the security and transferability of the system.

4. Big Tech is Taking Fintech Global

Whether via Amazon, Chinese firm Ant Financial, or other global giants, fintech is finding a home just about everywhere. All of these companies are finding ways to go around credit card and other financial processors. By developing financial technology on-site, they can save money and customize their solutions.

Amazon has even Amazon Lender that lets platform sellers take out $1 billion a year. Soon there won’t be much of a line between financial firms and tech firms.

5. Financial Regulations Have Unique Solutions

The newest arm of the fintech movement is “regtech”. By focusing on financial regulations, regtech companies can help companies getting into fintech to understand and navigate the regulations.

Financial inclusion is important and breaking barriers is a service that regtech companies are able to provide like no other.

6. New Regulatory Bodies Are Mushrooming

Countries like China and South Korea are ahead of the curve by creating their own regulations on fintech companies. By regulating cryptocurrency and ICOs, they’re able to engage with fintech on their own terms.

It’s a race to the finish line to find out who can be the country to bolster growth while also keeping themselves from being under regulated.

Fintech Trends Are Hard to Predict

Figuring out what the fintech trends for 2019 are going to be, requires keeping an eye on the global market. While it seemed like a niche interest a year ago, the numbers don’t lie.

Before investing in fintech, check out our guide to the biggest fintech companies in America and what makes them tick.

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