Trends in Fintech for 2017

by | 5th January 2017 | Brexit, Fintech, PSD2 |

Trends in Fintech for 2017

After an eventful 2016 in the political world, the rollercoaster is set to continue in 2017 as the Brexit issue rolls on.

The government plans to invoke Article 50 by the end of March this year, so all eyes in the fintech world will be looking at what deal the financial sector ends up with.

With all the negotiating in the background, we’ve taken a look at the potential fintech trends for 2017.

Here are our top three.

1) Technology Will Move Further into Investment and Financial Planning Services:

The 1980s saw the emergence of stockbrokers and the City, but since then technology has entered the financial services industry.

It’s now become a lot easier for investors to make their own trades.

However, one common problem encountered by many was the lack of data. Without the knowledge and information available to brokers a lot of people lost money.

Technology has now become a great deal smarter, and data can be interpreted and relayed to people much quicker.

As artificial intelligence becomes more sophisticated it will become easier to interpret financial data and make better predictions.

2) Fintech Will Impact Upon Financial Health:

As Starling Bank, a new institution embracing financial technology, noted in a recent report, over 80 per cent of the UK now consciously keep track of their income and spending.

The report also looks at how fintech can help improve this, with one of the key pillars being support when it’s needed.

In other words, the financial institution is able to fit in with the lives of its users, as opposed to forcing them to adapt to the financial institution.

3) Fintech Will Need to Become More Professional:

Financial technology has become an industry that welcomes new entrants and young people as they build the next big thing in the app world, but there is still room for experienced bankers too.

As fintech continues to evolve and expand it will need to harness the knowledge that these former bankers have.

We can see a number of examples where fintech firms have collaborated with traditional institutions to enhance their offering and also professionalise their brands.

Last year saw alternative lending firm Kabbage, and Santander Bank announce a pilot scheme which would allow small and medium-sized businesses to access same-day loans.

The next 12 months are going to be huge for the fintech sector, and it’s important to ensure your business stays ahead of the curve.

If your business is looking for a fintech solution you will need to ensure it’s flexible enough to adapt to regulatory changes, and also that you can rely on the knowledge and expertise of the developers.

Our Software as a Service (SaaS) platform is providing a powerful fintech solution for businesses across the spectrum, including charities and banks.

After more than a decade of experience in the financial and technological industries we understand the importance that they hold.

If we can help with your banking platform or proposition, whether you are an established bank, an emerging bank, a community bank, a credit union or even a new concept bank, email hello@trusek.com or call 020 7048 0470.

 

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