We are at the dawn of a revolution in financial technology.
Small business has the chance to seize the opportunities technology has enabled.
Know the trends so you don’t miss out on any chances.
We look at the top five fintech trends in 2020 and let you know what you should be watching.
Top Fintech Trends in 2020
This year, fintech will be used to make business processes more efficient. From chatbots to blockchain, fintech has made inroads into every aspect of finance. Here are the fintech trends in 2020 to watch for.
1) Conversational Interfaces
Aka “chatbots.”
If you’ve logged on to any large website recently, you’ve likely had a back-and-forth with a remarkably friendly software program.
Chatbots save an average of 4 minutes on every transaction. For a large corporation interacting with thousands of customers every day, this can translate to tremendous savings in resources.
In fact, it’s such an incentive that an estimated 85% of banks and businesses use chatbots.
2) Big Data and AI Knowing You More Than Ever
Thanks to your browsing history and social media presence, the data on you gets more and more voluminous every year. Artificial intelligence puts it to work, and financial institutions are some of the first to use it.
It’s not just your demographic, but the seasonality that banks will hone in on as well. Expect to find eerily well-placed ads on your screen, as businesses will continue to tailor products to fit your profile.
3) Robotic Process Automation (RPA)
By robots, we mean software. It’s potential to automate tasks is huge and financial institutions will continue to use RPA to make everything more efficient.
From security checks to data analysis to repetitive admin activities, expect businesses to use RPAs to automate tasks.
Think these technologies don’t affect you as a small or medium-sized business? Think again. All of it will influence how you do business at some point.
Staying relevant means having the capital to stay afloat. Let us work with you to secure a line of credit so your business can survive, especially during these uncertain economic times.
4) Blockchain
It’s not just about crypto anymore. Blockchain technologies will continue their inroads into all aspects of finance.
Fraud and identity theft have run rampant. Blockchain procedures like smart contracts, digital payments, and identity management show promise in fixing these problems. With so many possible uses, blockchain is one of the fintech 2020 trends to look for next year and beyond.
5) Mobile Payments
As the world increasingly goes cashless, mobile payment technologies are proving they’re here to stay. Faster, more convenient, safer, and more accessible than traditional transactions, mobile payments are exploding.
Two of the most popular, WeChat Pay and Alipay, have brought economic mobility to millions in India and China.
Don’t Get Left Behind
Contact us today to see what type of credit you qualify for. From PPP loans to merchant advances, our products are here to help your business thrive.
Whether it’s blockchain or chatbots, the fintech trends in 2020 will likely be the trends for the next generation. Be familiar with them, so you don’t get left behind!