Fintech is fast becoming a staple in this fast-paced, technologically driven economy. According to Saar Pilosof, there are several trends that are emerging and developing that are worth taking note of. “Several industry leaders are in agreement about what the most impacting Fintech trends are, and how they will affect the way that business is done as we get deeper into the year 2017”, says Pilosof. Here are some of the latest trends:
Blockchain Technology Will Grow
Blockchain technology is expected to grow rapidly in 2017 as digital currency options become more attractive. This type of technology is making it possible for persons to conduct financial transactions digitally even without the need to use mobile devices. Blockchain is increasingly becoming a viable option for the traditionally underbanked segments of society.
Open Application Programming Interface (API) Platforms Will Increase
An open API is one that allows for bank customers and customers of other institutions to easily and quickly conduct transactions digitally. Nobody wants to wait an entire 24 hours to get answers or solutions for their financial needs. Open API addresses these issues and works to improve the level of customer service that banks and other financial institutions are able to offer by allowing third party developers to securely access relevant customer details. Processes such as onboarding become seamless and effortless with open API platforms.
Alternate Lending Solutions Will Become More Common
As the number of small and medium enterprises continues to grow, the need for credit grows accordingly. But several SME’s are not able to meet the lending requirements of the traditional banking institutions. This has led to the growth of several alternate lending solutions including improved peer-to-peer lending, crowdfunding and so on. As 2017 progresses, the expectation is that the number of alternate lending solutions will increase.
Fintech will definitely take on increased prominence as the year continues.