Top 5 FinTech trends to watch in 2018
We’re almost halfway through 2018 and the symbiosis between banks and FinTech has never been as powerful, challenging and fast-paced. For a short period of time FinTech has managed to change the way consumers perceive banks, financial services and payments as a whole. Almost every type of financial activity is being re-designed by FinTech.
So, what are the top 5 trends to watch this year?
– Open banking – the UK already adopted open banking regulations on January 13th, which force UK banks to open up their data via a set of secure APIs to trusted third parties. That will offer consumers more personalized banking solutions and better ways to manage their finances online.
– Security and data protection improvements – as of May 25th this year the EU is implementing their General Data Protection Regulation (GDPR) to protect the personal data and privacy of EU citizens. The regulation is considered to be the biggest change in data protection laws for the last 20 years.
– Automation enters the lifestyle of the consumers. More and more people turn to automated bank services such as direct deposit bill autopays which save them time from waiting in line.
– Banks acquiring FinTech companies or opening new FinTech departments within their own structure in order to be more competitive and to serve their clients better.
– New and better identity verification (AML/KYC products) where clients are able to upload their ID documents from their own devices without having to be physically present at the bank and verify their identity through a video call.
The FinTech revolution marks a new era in banking which brings banks closer to their clients offering them more personalized and digitalized products and services thus impacting and improving their banking experience and their financial lifestyles.
Stay tuned for more banking and financial insights with Satabank.