10 Banking & Fintech Trends for 2021
2 min read
The fintech disruption revolves around the changes at the customer interaction level. This refers to digital account applications, user interfaces, best productivity software and more. The article below will tell you about the main banking and fintech trends for 2021 and how eMerchantBroker can help you with reliable and cheap merchant processing services.
eMerchantBroker & Top Fintech Trends to Expect in 2021
A recent survey in the field shows that 14.2 million U.S. citizens view a digital bank as their main money management system. This year, there’ll be a higher drive for digital-first finance for the mobile-first generation. Next year, you should expect even greater offerings from traditional tech companies.
Now, let’s look at this year’s banking and fintech trends:
- Rise in autonomous finance.
- The battle for small business relationships will continue. This includes PPP loans, Amazon’s new offer to 3rd parties, allowing to directly lend to the platform’s merchants, and more.
- The battle for consumers’ money goes around payments. It’s either about the spending account or the payment itself.
- The focus will be on financial health. So, it’ll be more critical than ever to use exceptional merchant services, including business funding and payment processing services.
A respectable merchant services provider like eMerchantBroker can help you with all this. When applying to a provider, make sure the rates are among the cheapest and the services are among the latest.
- Fintech-as-a-service focused on how an API can be used to integrate the service into incumbents or other fintechs.
- Expect strong demand for the following types of fintech providers: core integration providers, payment hubs, and digital cores.
- Brick-and-mortar banks and fintech companies will adopt AI solutions with greater willingness.
- Facial recognition systems proving your identity to the provider will be in higher demand. These systems are becoming more advanced and with a higher level of accuracy.
- Peer-to-peer lending is another trend to watch for. By the year 2024, the market value will make up more than $44 billion. The alternative lending sector looks promising.
- The collaboration between fintech providers, legislators and regulatory bodies aimed at building a safer financial industry will grow.
As you see, the fintech industry is coming up with game-changing and useful technology aimed at making finance convenient, quick and secure. Follow the latest trends in the field to never stay behind.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
