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Fintech situation and the future of the sector

Customizability is almost a basic requirement for users. However, our virtual finances now not only affect the individual – it is also worth facing social trends, wrote Márton Suppan, founder of Peak, founder and editor-in-chief of Fintech World, in the Opinion section of Computerworld 14.

It may rightly arise in us over and over again what the future of an economic sector really is, what we can expect from it, where it can go in the coming years. We are living in a time when we are asking these questions more and more often, as development has taken on an awful pace, it is enough to think only of electromobility, the space industry or fintech. There are two approaches to assessing the situation and examining the vision: the self-interest of the sector, such as profitability, the development of market competition or the level of capital raising, and the visibility of higher-level goals such as the impact on society or individual users

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The latter in the case of the fintech phenomenon is clearly to provide users with flexible access to financial services at a friendly price, tailored to their life situation, and even if we focus not only on developed societies, to reach as many of our seven billion roommates as possible.

This process is good, we no longer need a bank branch and a good financial situation to live a cashless life, take out insurance or invest our savings.

However, in view of social trends, another need has emerged: the need for life situation management.

and that they then, there, and have access to services in the way that is most obvious to them. The fintech service providers operating every minute of the week have also ticked this task, but of course the development will not stop. product development: finteches have started to shape the needs of the market, ie as a user we may not miss new developments, but as we put them into use, we do not want to downplay them. This new trend is based on marketplace logic, creating virtual financial malls around the world where customers can manage all their financial affairs in one place through superfathers, be it account management, referrals, insurance, donations, investments or discount card management.

In the coming years, in addition to the development of superfathers, there will be education, family banking and the emergence of elements of sustainability.

These three areas are currently considered stepchildren in the fintech market, but there are already early risers who can expect a huge march in the coming years.

Fintech situation and the future of the sector

The virtual financial plaques, in addition to the above functions, can take it to the next level if life situation management is supported by artificial intelligence and machine learning, There are huge untapped areas in the area, mainly in the form of unstructured BigData.

Finally, it is worth taking a look at the sector’s self-interest: competition between market players. As usual, this new area was launched by a series of bold young startups (notably the PayPal mafia led by ElonMusk and Peter Thiel in 1999), and the incumbent sector lagged far behind, and picked up the thread after a daze caused by the 2008 crisis. .

The excitement is not brought about by the fintech incumbent match, but by the involvement of BigTechs (Apple, Google, Amazon) in the game. In the coming years, we will see more and more standalone financial services from these providers, which is actually around our necks: Apple has launched its own personal loan service for US customers under the name Apple PayLater, Google is launching a standalone financial services palette for the Japanese market, and Amazon

All in all, the fintech sector is performing well, improving our daily lives, and development is not stalling, and is even shifting to the next level due to intensifying market competition.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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