Recent analysis by McKinsey & Company indicated 80% of traditional financial institutions have already developed new emerging tech initiatives in 2019 (think voice, VR, AR, AI and DLT). What’s equally awesome is the fact that new fintech investments are set to skyrocket in 2020 to exceed an astonishing $30 billion. This is a phenomenal increase when you think that investment in new fintech products was a meagre $1.8 billion in 2011 – what we’re currently witnessing is the unstoppable rise of fintech. In the next 12 months, new fintech related investments and innovations will continue to prosper and proliferate both the consumer and enterprise landscape and new fintech prototypes and proof of concepts (POC’s) will evolve into full scale, consumer facing apps and digital products. The key trends will focus around use of AI, data-driven development, wealthtech, the fundamental importance of execution and the need to go beyond simply having a great UX. It’s that time of year again and for fintech companies seeking a decisive competitive edge in the new year, it’s time to start sharpening the financial saw, peer through the proverbial fintech looking glass and get intimate with the top 5 fintech trends for 2020.
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