While historically slower to embrace change, the financial industry is adopting fintech trends, technology that can automate and improve financial services, to respond to consumer demand and provide more efficient and effective services. Here are the top five fintech trends everyone should be watching in 2020.

1. The Top 5 Fintech Trends
Everyone Should Be
Watching In 2020

2. © 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
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IntroductionIntroduction
All indicators confirm that investment in fintech, new technology that can improve and
automate financial services, is skyrocketing and is expected to exceed $30 billion by
2020. This investment will translate into dramatic time and cost savings and
enhancements to service offerings from financial institutions. Here are the top 5 fintech
trends everyone should be watching in 2020 because they will impact anything that
involves money.
The Top 5 Fintech Trends Everyone Should Be
Watching In 2020

3. © 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
Hyper-personalization via big data and AI
For many years, marketing experts espoused the benefits of personalization to attract
customers and keep them loyal. Today, thanks to big data and artificial intelligence that
helps us process, store, and drive insights from the data, hyper-personalization is possible
on an unprecedented scale. Financial institutions now have information about their
customers' behavior and social and browsing history. AI facilitates real-time omnichannel
integration of these insights to deliver a personalized one-to-one marketing experience
for their customers at the time when the information is most relevant and useful.

4. © 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
Robotic process automation (RPA)
During 2020, robotic process automation (RPA) will continue to impact financial
institutions to help them be more efficient and effective as well as help ensure they meet
federal and state compliance requirements. Today’s advanced RPAs don’t have to be
explicitly programmed to perform tasks; they can simply observe what humans do and
then automate or suggest improvements to processes. This includes processes such as
customer onboarding, verification, risk assessments, security checks, data analysis and
reporting, compliance processes as well as most other repetitive administrative activities.

5. © 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
Conversational interfaces
According to Gartner, by 2020, chatbots will interact with the customers of 85% of banks
and businesses. By eliminating human involvement in these interchanges, productivity,
and speed improve. In fact, according to one report, financial chatbots save over four
minutes on every interaction. This is a booming area due to the progress made in natural
language processing and speech generation. Customers of financial institutions have
come to rely on conversational interfaces to provide 24/7 service, instant responses to
queries, and quick complaint resolution to improve personal banking significantly.
Conversational interfaces also provide an easy and economical way for organizations in
the financial sector to receive customer feedback.

6. © 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
Blockchain
Blockchain, a special immutable computer file that is decentralized and distributed, is
disrupting financial institutions. Blockchain can make things more efficient in the financial
services industry. Since fraud and identity theft cost financial institutions billions of dollars
annually, blockchain has the potential to save the industry from experiencing these
significant losses. Blockchain in fintech is expected to reach $6,700 million by 2023 in the
United States. Financial institutions will use blockchain for smart contracts, digital
payments, identity management, and trading shares.

7. © 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
Mobile payment innovations
One of the latest “big things” in fintech is the growth of the mobile payments industry.
Consumers want payments to be instant, invisible, and free (IIF). Mobile payment
innovations might even do away with our traditional wallets as global consumers are less
reliant on cash. Google, Apple, Tencent, and Alibaba already have their own payment
platforms and continue to roll out new features such as biometric access control, inducing
fingerprint, and face recognition. One of the most popular payment methods in China and
used by hundreds of millions of users every day is WeChat Pay. Alibaba’s Alipay, a third-
party online and mobile payment platform, is now the world’s largest mobile payment
platform. Many mobile payment platforms are building programs and offers based on the
user’s purchase history.

8. © 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
The Top 5 Fintech Trends Everyone Should Be
Watching In 2020
While many financial institutions are continuing to adopt new technology to enhance
operations and improve customer service, these five trends will provide exciting avenues
for innovation. Financial institutions realize they must learn how to use fintech to their
competitive advantage.

9. © 2017 Bernard Marr , Bernard Marr & Co. All rights reserved
© 2018 Bernard Marr, Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website
© 2017 Bernard Marr , Bernard Marr & Co. All rights reserved
© 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website

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