Financial services technologies are rapidly changing and evolving. Known as Fintech, the sector is predicted to explode in the coming years. A recent study found that investments in Fintech are set to hit at least $30 billion in 2020. Jacques Poujade, a financial services expert with decades of experience in investing and real estate, is weighing in on five Fintech trends to watch out for in 2020.
What is Fintech?
Fintech is technology used in the financial sector, which is utilized by consumers, business owners, and companies. Fintech refers to a broad range of tools, which are integrated into computers and smartphones, which are both backend and customer-facing. Fintech has expanded rapidly since the internet revolution, with Forbes predicting new Fintech investments “will translate into dramatic time and cost savings and enhancements to service offerings from financial institutions.”
Jacques Poujade’s Recommendations: 5 Trends to Watch For
Improvements to Mobile Banking
In recent years, financial customers have grown to expect mobile banking that is all-encompassing, with easy-to-use interfaces. While many financial institutions have started to integrate this technology, it’s very likely that we’ll see big advancements in mobile banking services. New Fintech advancements may better predict and handle customer needs, and banks are expected to turn out more mobile-first banking advancements.
Shifts in Insurance Carriers
It’s very possible the insurance industry will see a big shift thanks to Fintech in 2020. Fintech is already used in some ways to simplify and digitize the traditional ways of obtaining and modifying insurance policies. In the new year, insurance institutions will likely continue to integrate more advanced Fintech to transform the way customers obtain and are approved for policies and smooth the current digital processes already in place.
Advancements in Wealth Management Tools
Fintech has already transformed the world of financial investment and wealth management, and new advancements are only expected to further change the landscape. It’s likely that new Fintech tools will impact sales & trading interfaces and transform the way customers see and interact with their analysis tools.
Rise in Cryptocurrency Integration
There is a growing global interest in cryptocurrencies, which are decentralized digital currencies. New technologies and products are expected to make waves in 2020. It’s also likely financial institutions, which have been slow to warm up to cryptocurrencies, will use new Fintech to integrate cryptocurrencies into their offerings. For example, banks may start to offer digital tools to buy, exchange, and manage cryptocurrencies.
More Automated Conversations
In the new year, it’s highly likely you’ll deal with artificial intelligence in the form of a chatbot instead of a human when dealing with your financial institution. Recent numbers predict that 85% of customers will communicate with a bot in 2020. These chatbots have increased in popularity in recent years, as the technology has become smoother, more human-like, and better able to respond to queries. Banking and financial customers can expect to encounter more chatbots and automated conversations as they head into 2020.
Jacques Poujade: Real Estate & Investment Expert
Jacques Poujade has 30 years of experience in the financial services industry. He is a Managing Partner at LendPlus, a real estate brokerage agency, and holds a Master’s Degree in Finance from McGill University. Poujade uses his broad experience to help customers find a financial solution to fit their individual needs.