Modern financial technologies are continually improving to provide faster and safer tools for paying and managing your finances.
The Leading financial experts shared their opinion on the most promising financial technologies for 2021 with Forbes. Let’s learn what technologies they put their hopes on this year.
• According to Joshua Strange, Good Life Financial Advisor of NOVA, one of the most promising directions in financial technology development is a remote job. Remote job occupies one of the leading positions among modern trends in financial technologies, as it dramatically facilitates providing various types of services remotely, optimizing employers’ costs, and providing new jobs.
• Alexey Koloskov, Orion Protocol, highlighted tokenization. Tokenization will make it possible to create a fundamentally new financial system with more diverse and useful functionality.
• Jeannet Quick, Gusto, tells about banking as a service, noting the growing partnership between banks and fintech projects over time.
• Tom Holgate, iLendingDIRECT, emphasizes increased attention to financial literacy. According to the expert, This year, there will be an upward trend in the number of companies that will improve financial literacy.
• Insurance technologies will also come to the fore — according to Joseph Safina, Safina Asset Management. The use of smart contracts will enable insurance companies to improve their infrastructure, significantly reduce long-term costs, and bring the quality of customer service to a fundamentally new level.
• Eric Solis, MovoCash, Inc, tells about the imminent introduction of new payment standards based on digital money, eliminating systemic banking fraud.
• Snezana Obradovic, Outsource Insurance Professionals, noted Open banking as one of the most innovative technologies that can qualitatively change the banking sector.
• Paperless banking was called very promising — Joe Camberato, National Business Capital & Services. Paper financial documents have long outlived their usefulness and became redundant.
• There is a strong interest in lending and financing — Eric Christensen, Digital River. The trend is that large organizations will start attracting fintech companies to expand their financing and lending opportunities.
• Ryan Rosette, Credibly, highlights partnerships with non-fintech companies. This year, more companies will decide to develop partnerships with fintech companies.
• Liji Zhu, Dragon Gate Investment Partners, tells about such a promising direction in financial technology as chatbots. Chatbots are personal digital assistants that greatly simplify business processes, and that’s why they are bound to become a fintech trend this year.
• Aaron Spool, Eventus Advisory Group, LLC, highlights the high importance of process automation in today’s environment. Many companies will use Broad-based reporting tools that save time.
• Lucia Waldner, CC Trust Group AG, talks about digital private placement platforms. Companies will face severe financial shortages, and therefore private placements will continue to grow.
• Jonathan Moisan, Advertise Purple, highlights the popularization of online investment platforms as one of the promising financial technologies trends of 2021. The pandemic has led more companies to open brokerage accounts, due to which fintech companies are gaining popularity.
• Nicolas Durr, Praem Capital, notes innovative investment tools that allow getting guaranteed profits with minimal risk. The current market situation requires a comprehensive solution for experienced and novice investors. Therefore, developing profitable and safe investment models using sophisticated integrated technologies is very promising.
The fintech industry has many trends, a lot of which can significantly simplify financial processes, and therefore are doomed to rapid development this year.