In the following decade, fintech will change for all aspects of the payments industry. Let’s have a look at the past, in 2013, the worldwide estimation of fintech was estimated by statistics at around $3 billion. By 2014, fintech firms had just pulled in $12 billion of investment, and by 2015, that figure had ascended to over $20 billion universally. As we move into another year, fintech’s capital and impact keep on growing. Without a doubt, many organizations and pioneers in fintech today trust that it is a hint for a greater challenge of what’s to come.
Banks collaborating with FinTech
Initially, fintech was in direct competition to the banks, however 2016 ended up being the year that the two powers chose to work together. This “fintegration” collaborates the strengths of both, blending the administration of fintech with the strength of traditional banking.
Effective fintegration implies better customer maintenance and increased income for banks, while fintech services enjoy the legitimacy of traditional payment services.
The main challenge throughout the following couple of years will be deciding how banks and fintech can team up to convey the best benefits to buyers. Offering fast and efficient transactions with more extensive combination is fundamental for keeping pace with desires of the present day in and day out of the contemporary clients.
The usual traditional payments will take few days, leaving frustrated cardholders in pending as they try to bind their accounts. 2017 FinTech trends, similar to fintegration, will empower advance improvements, for example, real-time payments, and that is not restricted to eCommerce clearing.
P2P platform enables clients to seamlessly transfer cash to different accounts, fast and effortlessly. Sooner, banks might have the capacity to qualify and approve requests remotely and progressively, in general, changing the whole structure of the payment industry.
Wallets end up being unnecessary
As consumer behaviour evolves, smartphones are more attached to the hand compared to wallets and cards. With contactless card transactions expected to expand worldwide by 2021, you’ll begin to leave your wallet at home this year. Fintech organizations and applications will make purchasing easy and simple and stores will permit payments straight from your mobile.
There will be less requirement for cards and money as a single click from your mobilem in which it will turn into the new trend. In case you’re the kind of person who battles to escape the house with all your important things, then you finally have a way to win your situation.