FinTech in 2016: How Technology is Changing the Finance World
Technology is touching every industry today. Even finance and accounting has its own aspect of technology, often referred to as FinTech. Experts believe there will be big changes in FinTech and the way money is exchanged throughout 2016. Familiar online money transfer sites like PayPal began the FinTech revolution and the industry will only continue to grow. Here are some of the trends that are expected this year.
- Instant money transfers. Most people know services like PayPal. The online money exchange system allowed many companies to establish ecommerce based businesses over the last decade. Other services, like Square, give small businesses easier access to point of sales (POS) software at a much lower cost.
- Increased customer service. The ability to process financial information in a safe and efficient manner will help organizations provide better quality customer service to their end users. This will not only increase customer satisfaction, but also the likelihood of repeat business.
- Cryptocurrency and the future. There has been a lot said about bitcoin, and not all of it promising or positive. However, the most interesting thing to the financial sector isn’t the currency itself, but rather the underlying technology that makes it possible. This tech, called Blockchain, is being investigated by major financial institutions and the US Stock Exchange.
- Needs filled by FinTech startups. New technology and new ways of thinking about financial exchanges will open the doors to new possibilities created by the marriage of these two industries. Expect this movement to be led by the millennial generation.
- Exclusion of banks means more inclusion. Finally, the ability to transfer money privately without the use of a banking institution means that populations previously shut out of the financial market will now have access to the exchange of money. This will help expand the global economy.
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