Fintech innovations in 2018

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Phillip Nunn Fintech expert and CEO at the Blackmore Group discusses the Fintech innovations we are likely to see next year in the Fintech world.

Everyone’s focus is on Fintech innovation right now, with interest levels higher than ever. This year has seen some remarkable and revolutionary changes Phillip Nunn Fintech

Phillip Nunn Fintech expert is looking forward to an explosive 2018 in terms of Fintech, with the growing acceptance of major banking institutions.

Market split

We can expect to see the marketplace split into something quite different to what it has been. There’s no way around the fact that the day of the big bank being in charge is over. While some major banks are slow to accept this, the reality is that it’s already happening, with lots of start-ups working to challenge the banks.

Phillip Nunn Fintech

Phillip Nunn Fintech

Customer choice is on the rise

Customers use financial services in a variety of ways, such as taking out loans, will widen in scope. Customers will be able to seek out other choices as the new ideas drip feed into the market. Technology and services already available are reaching the point where they can completely change the customer’s experience.

Driven by the demand of the younger customer that is openly receptive to fast service, whatever its form, this will become more common. The way AI works means that in the very near future people will begin to leave their devices to make decisions for them.

Challenger banks

Banking is an interesting sector when you consider the major startups throwing their hats into the arena. Massive financial institutions are having to listen as the technology shakes their previously untouchable world.

Companies are going above and beyond to challenge traditional banks, such as ClearBank and Monzo, it’s becoming a competitive space. They are all pushing into the same sector and moving towards the same goal.

Next year is sure to be a very interesting one in the world of Fintech advances.

 

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