In the year of 2020, every single industry experienced a multitude of changes and challenges. Covid19 had a significant impact on the workforce, economy, and general operations of daily living. Many industries have had to adapt the way they function, and many have started to adopt different methods of practicing. For example, technology has been a considerable adoption across various industries, and there is now more opportunity for the expansion of fintech. Below we will discuss the top finance technology trends to expect out of 2021.
- Autonomous Finance
This will undoubtedly be one of the main aspects of fintech we will see in 2021. With the vaccination being distributed on a widespread basis, many are beginning to re-enter the workforce. Juggling bills such as cable/streaming subscriptions, insurance, car payments, and utility bills, along with working full time, can be stressful and overwhelming for anyone. With autonomous finance, the burden of remembering when and how to pay your various bills is lifted off your shoulders. Machine learning and Artificial intelligence have started to automate certain financial decisions in an effort to make consumers’ lives easier.
- Voice Technologies
One of the primary goals of technology is to enhance the efficiency of daily life tasks. From what we have seen, Gen-Z is completely on board with this idea, and they are actually the bulk of consumers for products that appeal to this niche. Due to young people having a knack for speaking, they are moving towards products and services that offer voice-controlled technologies, especially within their online interactions. These technologies can be used in many different areas such as finance and payment-related tasks or even operating machinery and other things around the house.
- Solely Digital Banks
One of the biggest pains for consumers is having to deal with a long line at the bank. Although banks have increased their online services over the years, there is still limited availability of services, allowing the long lines at the bank to continue. However, when Covid19 hit, the ability to have in-person bank interactions was completely stalled. Banks then had to adopt online-only virtual banking services in order to serve their customers properly. This trend will only continue to progress as fintech becomes more prominent.