Nowadays, the fintech app development industry is growing really fast. After all, finances and technology are two things that have always gone hand in hand together, and as of now, it almost seems as like they are inseparable. Think about it, ever since credit cards have appeared, it’s quite hard to imagine a life without them.
Or what about checking your account balance? You no longer need to take a walk to your closest ATM. Now, with the help of your smartphone, you can always check how much money you’ve got with just the touch of a few buttons.
This is what we call fintech, and that’s what is making our lives more convenient. Technology is always coming up with new ways to revolutionize the financial industry. So let’s take a look and see what trends 2020 has brought to us.
- Payment Innovations
We live in a day and age where cash money is starting to fade away.
Take a look at China for example. People there pay digitally almost exclusively, and soon the rest of the world will follow suit.
Everything can be done digitally now, from paying bills to regular shopping. It almost seems as if cash has lost its purpose, even credit cards are starting to fade away.
Digital wallets are now a thing, and you can get everything done with your phone. Or if you have somehow managed to forget your phone and your wallet at home and you’ve got nothing to pay with, technology has still got you covered.
Wearable payment devices are a thing. You can link your credit card to smart accessories such as bracelets, rings, keychains, etc.
- IT Oriented Workforce
As we’ve previously mentioned. Finance and technology mix well together. In fact, much of the growth in finance is due to the latest advancements in technology. Financial institutions, such as banks are now incorporating as much tech as possible in their business models, thus having a need for an IT-oriented workforce.
I’m sure you’ve noticed that there are not as many face to face employees in banks compared to a few years ago. That’s because most of the services can be done via online banking.
One major of the concerns that most consumers have regarding fintech is that of security. And that’s definitely understandable. After all, you’d want your money to be safe, and you know that technology hasn’t been fully reliable.
You’ve heard of data breaches in major companies, and you could get your money or your identity stolen very easily. Well, banks know what you’re worried about, and they put your security as their top priority.
Ever since Bitcoin has made it in the headlines a few years back, people got curious about the technology behind it. And now, blockchain has become widely popular in the fintech app development industry. More and more cryptocurrency wallets are popping up, and even banks have started to use this technology.
Due to the fact that it’s able to drastically decrease transaction time, and it’s almost impossible to be hacked, the blockchain seems that it has a bright future in the fintech industry.