Banking and financial services for the last few years have turned fast-paced with the adoption of technology. Fintech is said to be the epicentre of this change. Companies including Google, Facebook, Uber, and Amazon have entered the fintech realm, which is developing products to cater to the individual needs of the consumers. The question no longer is whether or not the financial sector is going to change with the fintech revolution, preferably which startup or big-tech is going to take the lead and capture the masses.
In the year 2019, one of the significant myths was broken that banking services are limited to brick and mortar structures known as ‘banks’. In Europe, Open Banking opened avenues for Payment Service Providers to not only take data from the banks but also develop services based on that data. In the year 2020, we look forward to seeing a blend of financial technologies, investor capital, rigorous regulations, technological advances, and globalization of financial services.
According to research conducted by Mckinsey and Company, the fintech investments are going to skyrocket in 2020 and is going to exceed $30 billion.
With the first quarter of the year close to ending, read here to know the trends and technologies we believe will shape the fintech industry in the year ahead!
Technologies driving Fintech in the year 2020
