Note from the Publisher: It’s worth taking a moment to stop and take a look at where fintech has come from, and where it’s going next. While FintekNews focuses on multiple areas of fintech – markets, trading, digital currencies, robo-advisors, insuretech, and more – this piece looks specifically at the banking sector.
“Although the fintech industry has only just started to gain momentum, industry experts are looking towards the future. Right now, we are in the midst of the second wave of fintech innovation. After startups doing all of the legwork, financial institutions are leveraging these ideas. So what does the future of Fintech 2.0 hold for the financial sector?
Disruptive financial innovation has been the primary point of focus for service providers over the past years. The majority of new ideas came from startups and entrepreneurs. While banks first opposed these plans, they are now integrating some of these solutions into their offerings. Collaboration has always been the best way to promote financial innovation.
It has to be said, banking solutions have been transformed over the past few years. Online banking has become more versatile, and mobile banking is on the rise as well. But there is still a lot of work to be done. Mainly customer engagement is a pressing issue plaguing the financial sector right now. Onboarding processes need to be streamlined to reduce the time required and associated costs.”