It is an undeniable truth that the striking pandemic, COVID-19 raised a high and rightful demand for the online payment industry. Even the ones who were not familiar with financial technology realised how convenient and smooth online banking is. Every establishment that serves online has gained ground and expanded their customer portfolio. The momentum was so elevated that many fintech industries had to struggle with this rush and fulfilment the needs of compelled clients. As history has proved multiple times, all great inventions originate from the needs of society in hard times. From this point of view, we can clearly say that 2020 and 2021 were the Golden Age of the fintech industry.
Frankly, payment processing had taken a long way before the virus. But it was not easy to make a splash among conservative customers who still trust only in traditional banking customs and feel insecure inserting their personal and financial details online. (As if they are not kept by the banks online for years and years.) According to new research, the online banking users increased 38% percent in 2020. This is a significant result to predict the future of online payment services. Actually, besides this unignorable rise, various Fintech trends have stepped out from the developer companies’ laboratories. Let’s take a look at the most promising Financial Technology developments in headlines to influence financial services in 2021.
Digital-Only banks – Who has time for queues?
We can simply define them as bank accounts which you can easily create online and control your transaction with the help of a functional mobile application. Think of it as an online banking service we used to have but a more comprehensive one. The basic difference is you do not need to mess with paperwork. All you need is to send the required documents and wait for the verification. Pretty simple. Isn’t it?
E-Wallets – Better than a wallet!
In addition to the digital-only banks, another rising star is e-wallets. E-wallets are prepaid accounts in which users can store assets, send and receive money domestically or internationally. Plus, these digital wallets can be utilized as a payment method in thousands of online shopping sites. It is one of the safest and easiest ways to shop online.
Autonomous Finance – The Internet knows you better than you think!
Are you exhausted from missing the latest dates for utility bill payments, insurance expenses and service subscriptions? This technology automates the financial decision-making process with AI (Artificial Intelligence) and Machine Learning. Does it sound very Black Mirror-ish? No worries. According to your activity online, the services will be offered to you and it will feel like you are backed up by an accountant who sees what you are not able to see yourself.
Voice Technologies – Hey Siri!
We have been using voice-recognition for a long time but now it is everywhere. Recent research indicates that youngsters use voice-based tools in their online interactions. AI-oriented voice assistants serve safety and ease in operating finance-related tasks. Thanks to promising technology, today, customer voice is used as a biometric data for payment authorization, customer services and searching tools. Moreover, we must not forget to underline speaker-recognisition’s great advantage for people with disabilities and senior citizens.
Decentralized Finances (De-Fi) – Being anonymous, being invisible!
Decentralized finances and cryptocurrencies have never been so popular. Due to the augmenting disbelief in countries, regulatory authorities and fiat currencies during the pandemic period, cryptocurrencies attracted many investors’ attention. Now, cryptocurrencies have a tremendous market including development companies, crypto wallets, crypto currency exchanges and broker services. Leading prestigious companies have been investing in cryptocurrencies for quite some time and this increases the demand even more among skeptical investors. Most well-known online shopping sites have already announced that they will place crypto coins as a payment method in the near future.
Benefits of Fintech are endless as innovation itself takes its power from novelty and ever-evolving technology. In Jeton, we monitor every single trend closely in the sector and adapt it to our services to create a superior payment service for you and your business.
Create a Jeton account today and step into the latest version of finances with more than half million users worldwide!