Keep an eye on the following trends to stay ahead of the curve.
- Removing friction from the customer journey – “smoother customer experience”;
- Rise of insurtech
According to Meaghan Johnson, “There are so many opportunities for an easy cross-sell based on data from customer spend, but also by using the mobile app via GPS. In Sweden we have seen a few banks start to send push notifications offering travel insurance when a customer is at an airport, ferry, or train station.”;
- Rise of regtech
“One of the big barriers to improving things in the regtech space is the lack of an identity infrastructure, and that seems to have gone up the agenda recently” says David Birch, Director of Innovation at Consult Hyperion;
- PSD2 (Payment Services Directive, Version 2.0) will force banks and FinTech into partnerships;
- Reform of the bank boardroom
“CIOs will no longer be the most influential technology decision makers” predicts David Horton, Head of Innovation at Synechron;
- The focus on China and emerging markets;
- Chatbots, machine learning, and artificial intelligence;
- FinTech integrates with social media
“We’re going to see payments move further away from banking,and continue that trajectory into chat, social, embedded elsewhere.” says Jason Bates;
- FinTech becomes embedded in the Internet of Things;
- Platforms, APIs, and open banking;
- Blockchain moves out of the labs into the real world.