Challenges and changes occur daily in
The Executive Vice President of Visa, Inc. has a famous quote about today’s financial industry trends. It is, “Would you like to see it one more time? You may have blinked and missed it.”
That is how quickly the finance trend evolves, changes, and develops.
What is Fintech?
Fintech is described as the new technology revolution which improves financial services due to automation in market delivery.
The fintech technology used for delivery of financial and information services consists of, but is not limited to;
- Smart Watches
But there are even more definitions of fintech which are inclusive of the above but serve a different market service.
Currently, Fintech integrates into;
- Financial markets
- Pension loans
- Wealth management
- Cryptocurrency and more
Why is Cryptocurrency a Fintech Market?
Global banking industries and its trillions in market capitalization are starting the process of managing cryptocurrency.
There is a possibility that Nasdaq will admit cryptocurrency into its market. At the very least most people expect cryptocurrency to become a verified exchange traded fund (ETF).
There is no way of predicting how cryptocurrency will evolve as in the history of monetary systems, there is nothing comparable.
Not only that, most consider cryptocurrency in the very first stage of acceptability. Its underlying blockchain functionality is its most powerful financial marketing tool.
It will become a financial industry trend we will need to watch and learn as it grows and develops.
What is the 9 Emerging FinTech Trends?
There are so many ways fintech through the financial services industry impact your finances and life.
A lot of the fintech market trend is a moving target. This is due to fintech trends being a developing and ever-changing market.
Therefore, it is extremely important to learn, keep up with financial trends. Here is a list of nine fintech trends we think we need to keep our eyes on;
1) Traditional banking is no longer traditional. Banking is about new strategies and ways to make money. (i.e. mobile banking, budgeting apps, etc.)
2) Financial services are separating their services only to rejoin them with added additions. (moving from being a solitary company to mergers, partnerships, and acquisitions).
3) Fintech is making financial markets global in old and new sectors.
4) Cryptocurrency and blockchain are never going to fade away. The blockchain is the wave of the future throughout all cross-industries.
5) Fintech will become regulated into RegTech. It is only a matter of time.
6) Cloud Computer and PaaS platforms. (advanced payment services, infrastructure building, etc.)
7) AI and Robotic Processes is not a future trend. It is ongoing now.
8) Real Estate will become entirely reliant on smart contracts.
9) The Internet of Things – most physical devices will connect to the internet so they will be able to interact and communicate.
These fintech trends revolve around technology integrating into the financial services industry market with complete assimilation.
Even today most of us keep up with our money in banks and banking industry trends through some form of technological equipment.
We use the equipment with its fintech technology to check on one or more of our financial accounts. By using this technology for our accounts we are setting the precedence for future generations.
Financial Service Industry Trends and Loans
Most people don’t know fintech trends and the financial services industry now work hand-in-hand. Most of us go online to apply for loans. The fintech online loan is often approved without a credit check.
Today pension loan applications are also online and often approved without a credit check.
Many people do not want to ask for any type of loan when they have a poor credit history or no credit history at all.
But the lending world has changed due to fintech trends. Easier and faster loan criteria and approval standards have developed due to fintech markets.
Filling out the personal online loan application is sometimes the only thing you need to do to access the cash funding you need.
Pension loans are not a new type of loan. But pension loans do have new approval terms.
FinTech and Banking Trends
Fintech and banking industry trends have merged. Fintech loans have become so commonplace it almost eliminates lending process speculation.
Most of us still think the lending of money to borrowers means lenders perform;
- Credit histories checks
- Credit score checks
- Income verification
- Current Expenses, etc.
Fintech has streamlined the loan process so most borrowers can qualify for an online loan in hours or at the most a couple of days.
When you need money today for an emergency or unexpected expense, receiving your loan makes the difference between being able to resolve the need or having the need escalate.
Pension loan approvals have a whole new process. The fintech online process is user-friendly and you can receive approval within hours.
You fill out your pension loan request online. Technically, a pension loan is when you borrow money from your own pension or retirement money.
Uniquely the proceeds of a pension loan you do not have to claim on your income taxes unless you do not pay the pension loan back.
Pension loans also allow you to manage your finances today for any financial need or unexpected expense. The ease and comfort of doing the application online combined with the speed of the approval process cannot be overstated.
Financial Trends which are Changing the World
There are so many financial trends which are changing the world today, it is hard to pick and choose which ones to list. Some of them border on fintech trends and some are straight finance trends.
We have tried to give you a sampling of a few;
- Wealth management is the hottest fintech sector in the US and China.
- Amazon is primed to get aggressive in fintech and may partner with JPM or Capital One to launch bank accounts.
- E-commerce is a giant in the retail industry and will keep developing and growing.
- Alternative investment apps will continue to grow and develop with next-gen investors. (i.e. Coinbase, Robinhood, etc.)
- As home values rise fintech is moving into home equity.
- Fintech now accounts for 39% of all monetary deals in the US, UK, and China.
Is It Too Late for Me to Join the Fintech Trend Movement?
It is not too late to join the fintech trend movement. You can start using the fintech tools to get the financial services you need any day of the week.
In today’s world, the financial service industry never closes. They are always open online and accessible to you 24-7, 7 days a week.
Don’t wait to seek the loan you need today because you fear the process. The fintech process is as easy as filling in the answers to an online application.
Sometimes you receive your loan approval in a couple of hours. Financial security and lending options have never been easier or faster.