Getting closer to the end of the year, this is the moment in time in which everyone starts thinking of what awaits us in the next future. Here are some thoughts, then, about what the future of Fintech is probably going to look like.
After passing through the startups’ cyclone, followed by mergers and acquisitions, Fintech is now going through the Bitcoin and robo-advisor’s age with innovation at a pivotal point. Artificial intelligence has already entered the Fintech market through predictive analysis and robo-advisors, however, it will be seen playing a prime role through IoTs and other digital devices.
Actually, Tech-innovation is not the strong point of financial institutions and acquisition is not all banks’ cup of tea. It is then likely for them to take the much smarter route of partnering with technology companies, which are dedicated to building customized enterprise solutions. While partnerships may be happening in the background, innovation and disruption through personalized solutions and the digitally-connected tech could soon take over the Fintech landscape.
It is just as likely, though, that the need for human advisors and expertise will also be realized by consumers who will be needing a more dedicated appeal against the machine voice.
Traditionally, financial services incumbents have partnered with others in their own industry, but collaboration will need to go a step further in the future, to build ties with those in different industries and with different outlooks, and to identify new ways to generate value.
Venture investing has always been at the heart of the start-up innovation model. Now, more than ever established financial services firms will be taking this route to try and generate innovation for their business. Embracing these themes and creating the right foundations will allow banks to disrupt their own business model instead of sitting on the sidelines, watching more challenging models disintermediate them.
If this is the industry you truly love, check all the newest Fintech jobs and apply to the ones that fit better your skill set!
