We in Exscudo have composed a list of 7 fintech trends to keep track of in the year 2019. In the past fintech as a field may have been growing hidden from the general public in the shadow of the tech industry. However, with the emergence and growing adoption of the blockchain technology, fintech is finally getting its own spot in the sun in the minds of the general public. Without further ado, here are 7 trends that have the chance to take the world by storm in 2019.
1 Mobile Payments Will Press Traditional Banks
Already a massive field, processing over a billion dollars of payments in 2017, mobile banking will continue to grow in 2019, fueled by the smartphone adoption and financial exclusion – when people are physically not able to get their hands on traditional banking products, forcing them to look towards mobile banking. Within mobile banking the core of innovations will be provided by a subsegment – blockchain mobile banking applications will launch a new wave of entirely different financial products, taking the first steps to become mainstream.
2 Fintech will protect your savings where traditional banks can’t
Financial fraud has been plaguing the market for way too long, causing people to lose all of their money in the worst of occasions. Companies focusing on protecting customers from fraud will become a growing trend in 2019. The most promising direction in this field is blockchain-related solutions that allow to create 100 percent safe environment for your capital and automate value exchange with smart contracts, protecting both sides of the deal. Ill-wishers will find it harder to commit crimes due to undeletable record giving them away.
3 More people disconnected from banks will turn to blockchain
The growth of financial inclusion will continue in 2019, especially in developing countries in Africa and Latin America. With more and more customers disconnected from traditional banking products turning to alternate capital management solutions, we will see the rise of blockchain fintech projects in developing countries.
4 STOs will replace ICOs
2017 was the year of the ICO. 2019 very well might become the year of the STO. Security Token Offerings do not conflict with US legislation and give more control to the investor, including the right to participate in profit sharing. While both investors and regulators become more educated about the high risks of ICOs and the sheer number of scam projects becomes apparent, crowdfunding remains to be a very good opportunity to use funds. Perhaps, more regulated and less accessible to the company STOs will become a solution, filtering out the scam and leaving investors with the choice of serious and reliable projects.
5 More people will be talking to their phones
Voice Technology is a growing trend in the banking industry, with several banks already enabling customers to use verbal commands in order to perform operations. Albeit, currently available operations are among the most simple once, such as checking an account balance, as voice technology is becoming more and more reliable performing more important tasks with verbal commands will become possible.
6 Payments will speed up, even in traditional banking
One of the biggest issues of the banking industry is long waiting times associated with wire transfers, especially if a transfer is between two different banks or god forbid, 2 different countries. In the case of the latter, we are talking about weeks before a customer receives their transfer. This problem will be among the hottest ones to work on even by the traditional bank, but we foresee the niche lead by blockchain fintech startups in 2019.
7 The contracts will become smart
With blockchain becoming more than just a trendy word that inflates share prices, truly turning into a useful financial tool that streamlines traditionally problematic areas in terms of slowness and safety issues, 2019 we will see more and more industries utilizing smart contracts. Among the areas where smart contracts are likely to become the most prominent are fintech, real estate, banking and investing.
All in all, 2019 is promising to be a very good year for Fintech, with many long-anticipated trends becoming mainstream, most noticeably, the widespread adoption of blockchain technology in the field and creation of useful applications powered by decentralized networks. So let’s wait and see what the year will bring!