Each end of the year, there are a myriad of lists outlining the hottest trends for the coming year. This is one of those. Let’s take a look at the top 5 trends awaiting the Ukrainian financial market and its consumers in 2021:
- Financial ecosystems and open banking – business is continuously moving toward the creation of financial and digital ecosystems. Expect more virtual spaces to be created in which the end consumer is provided with a wide range of products and services on special terms in a single location.
- Cryptocurrencies in your pocket – cryptocurrencies and their associated blockchain technology are increasingly becoming a part of our lives. Additionally, new regulations (e.g. the Law on Virtual Assets) mean that traditional financial institutions can more easily (and more comfortably) get involved with them.
- Private investments – 2020 saw a boom in private non-professional investment in FinTech. With FinTechs such as Robinhood and Interactive Brokers making it easier for private investors to access financial instruments and investments, the private investment market has undergone a significant transformation and is poised to bloom.
- IT for compliance – compliance risk management is becoming one of the main challenges for financial institutions. But modern technologies such as artificial intelligence (AI), blockchain, Big Data and machine learning are being actively implemented to keep financial institutions and consumers in compliance and safe.
- Personalized services – AI technologies are helping financial institutions gather and appropriately interpret an avalanche of data in order to provide personalized offers that match, as closely as possible, individual consumer’s needs.