Written by Joanne Sacco

2019’s Top Fintech Trends

It wasn’t long ago that the finance industry was seen as lagging in the application of new technologies. But that is rapidly changing. 2019 will see Fintech companies further transform their financial service offerings and continue to shake up not only their internal processes but also the customer experience.
Below we outline four trends that demonstrate how Fintech is now embracing novel technologies and reinventing the industry.

Artificial Intelligence

Artificial intelligence and machine learning technologies provide opportunities for many new applications in financial services. This includes internal solutions surrounding risk management, transaction monitoring, compliance and reporting.
But the innovation also extends to customer solutions including what’s being termed as  “self-driving finance”. This allows customers to utilise AI to essentially drive their financial decision making for them. Software now allows automated actions to be taken or suggested to customers with the aim of helping them reach their financial goals.
Customers can also take advantage of increasing voice activated services for anything from informing them of new bank services, providing repayment and interest calculations, or locating branches and ATMs.


Blockchain technology offers an entirely new approach to transparency, managing and protecting identities and data. It also presents new ways to make rapid and low cost borderless payment transactions. This enables financial institutions to use blockchain platforms such as Ripple as a cheap, verifiable and near instant settlements system and currency exchange.
For financial customers, blockchain will most readily be utilised to enable greater financial inclusion for the unbanked. It offers people around the world and especially across Latin America, Africa and South Asia access to a verifiable online identity. This helps increase the number of people with access to the global economy and gives people greater business and personal opportunities to improve their financial standing.

Digital only banks

No more waiting in lines. In fact you couldn’t wait in a line even if you tried because these banks have no physical presence at all. Instead, these new kinds of banks provide their services to customers who can remain in the comfort of their homes, accessible via an app or the web.
Digital only banks offer customers easier access to the essential financial services they need and a way for banks to operate with far lower overheads. These savings can then be passed down to customers in the form of higher interest rates on savings accounts.
These digital only banks are increasing in popularity, especially with Millenials. This trend is set to continue, with forecasts indicating bank visits are likely to drop by around a third by 2022.

Mobile payments

The unanimous global adoption of smartphones has meant that users can utilise the internet for their financial management without needing to open a traditional bank account. This provides huge benefit to those in developing or rural areas.
But mobile payments also offer a simplified payments process for the developed world too as people can simply swipe their smartphone at any point of sale terminal to make a contactless payment. This means no more cash or cards needed.
In fact, the days of paying with cash could soon be a thing of the past, with Westpac reporting that Australia could essentially be a cashless society as soon as 2022.

A final word…

Led by AI, machine learning, and blockchain, Fintech continues to make strides in changing the landscape of doing business and banking. The move is occurring rapidly and is moving towards a world of greater convenience.
Banking is moving away from transactions being funneled from one large bank to another towards a world of direct person to person payments anywhere around the globe.
If this sector interests you, please feel free to get in contact with Finite here.

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