The financial generation is evolving. Technologies such as contactless payments, online banking and investment, cryptocurrencies and virtual wallets have evolved to provide other people with more complex tactics for transacting and managing their money.
If you work in finance, it’s vital to keep an eye out for new systems and maximum productive practices that can better serve your consumers. To be more informed about long-term industry trends and those that will have the maximum impact, we contact forbes Finance Board members. Below are 14 of them represent the most important trends they see at fintech in 2021 and their possible long-term impact.
1. Remote collaboration
I believe that the biggest trend to continue will remain everything that allows consumers to collaborate remotely. I think they continue to see that threat analysis, monetary plan software, meetings, etc. , become even more collaborative. This will cause the industry to accelerate the “virtual office” trend. This can easily increase the number of clients an advisor can serve. – Joshua Strange, NOVA Good Life Financial Advisors
2. Tokenization
The way we invest in assets is about to fundamentally change. Through tokenization (blockchain tokens that are digitally active in the genuine world), security tokens can constitute movements in a company, genuine heritage or painting. Tokenization will allow a new monetary formula that is more democratic, more effective and broader than before, interrupting only financial technology but also the mass of interconnected industries. – Alexey Koloskov, Orion Protocol
3. Banking as a service
There will be more generation of “banks in a box” between fintech and banks to allow the creation of partnerships on a faster schedule. I also see more back-end corporations to automate critical compliance purposes, such as knowing your customer and regulatory replacement management. We also believe that we will see even more “regular” corporations that provide monetary consolidation and expansion among monetary generation corporations. – Jeanette Quick, Gusto
4. Increased monetary literacy
A major trend that can be seen is a renewed desire for monetary literacy. Covid-19 has forced everyone to think about their monetary perspective in the long and short term. What we have noticed in the automotive refinancing sector is that other people do. He doesn’t even know he can refinance a vehicle. You will find consumers looking for their finances and businesses who will seek success and teach them. – Tom Holgate, iLendingDIRECT / Automotive Financing Solutions
5. Insurance technology
Insurance generation will revolutionize the fitness insurance industry, with inventions ranging from virtual fitness records to fitness monitoring. Smart contracts give insurance companies a way to upgrade their infrastructure and lower long-term prices while offering consumers incredible service. – Joseph Safina, Safina Asset Management
6. The “Cash Internet”
The rise of the “Cash Internet” and the ongoing transition to a cash-free society have created a wave of fraudulent attacks, increasing the urgency for the monetary sector to create new payment criteria around the use of virtual cash, as well as all kinds of monetary transactions that are positioned in virtual channels – systemic banking fraud in our country. – Eric Solis , MovoCash, Inc.
7th Open Banking
Open banking has been singled out as one of the cutting-edge forces that are aimed at reshaping the banking sector. If classical banks seize this opportunity and are smarter at how they analyze and disseminate knowledge, they will expand their ecosystem and provide greater service. Once a point of convenience is achieved with the security of knowledge, the implementation deserves to lead to a reduction in costs. – Snezana Obradovic, outsourcing of insurance professionals
Forbes Finance Council is an invitation-only organization for executives of successful accounting, monetary planning and wealth control companies.
8. Paperless banking
The financial technology industry was approaching a paperless world, and the pandemic helped consumers and businesses accept them as true technologies that completely eliminate bureaucracy. Consumers are comfortable enough to attach their bank accounts and use platforms like DocuSign that until 2021, paper bank statements and other monetary formalities will be obsolete. – Joe Camberato, National Business Capital
9. Increased credits and financing
I see greater interest in credit and financing for both consumers and businesses. load those functions into existing solutions. – Eric Christensen, Digital River
10. More partnerships with non-tech companies
With Covid-19 disrupting much of 2020, fintech has undergone significant expansion, along with continued expansion and greater adoption, we expect a significant number of partnerships with non-fintech entities that will continue to expand the fintech ecosystem. – Ryan Rosett, credible
11th Chatbots AI
Fintech is one of the fastest developing industries and can take technological merits like AI chatbots to act as non-public virtual assistants. In the long run, AI chatbots will be able to perform increasingly complex responsibilities for consumers and support visitors. Commitment to existing monetary products presented through monetary institutions. – Lijie Zhu, Dragon Gate Investment Partners
12. Automation of work
Remote paints have exposed processes that may simply be automated or want to advance due to a distributed/non-centralized paint force. Fintech, which helps processes that require coordination (e. g. payments, budgets, APs) will be on demand. Fast and usage reporting teams will save time. Finance and accounting groups will be asked to do more with less, which is the best fintech game. – Aaron Spool, Eventus Advisory Group, LLC
13. Digital placement platforms
Companies will face medium-term capital shortages, as investors will become more cautious and conservative, and banks will be waiting for difficult quarters. As a result, I expect personal placements to grow exponentially. There are only a few virtual personal placement platforms. , and have a long administrative remedy and punitive prices. Innovators in this area will change the rules of the game for the industry. – Lucia Waldner, CC Trust Group AG
14. Increased use of investment platforms
The pandemic has noticed a record number of people signing up for brokerage accounts. With Robinhood and other corporations trading inventories transparently and free day by day, stocks are traded at record numbers. I think there are plenty of opportunities to take credit for those trends and make sure fintech fits the young population of the inventory market, and that will continue in 2021. – Jonathan Moisan, Purple Advertise
Successful forbes Finance Council monetary executives offer first-hand data and trends.
Successful forbes Finance Council monetary executives offer first-hand data and trends.