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Top 5 FinTech Trends for 2020
1. Automation isn’t a phase, it’s the new normal
Automating manual, rules-based, repetitive processes in the financial sector is growing, and it’s growing fast. Why? Because organizations are now able to improve productivity, organizational value, and customer experience.
2. Less brick and mortar as things go digital
The traditional bank is becoming less regular. And more banks are embracing a digital presence or even taking on an entirely digital-only platform.
3. Innovation of payments processing
With the ever-growing ability for middle-market businesses to make cashless payments through virtual cards or ACH there is a huge boost to transaction processing which results in enhanced throughput, speed to market, and a big focus on innovation of the customer experience.
4. The emergence of biometrics
Reducing friction and making interactions convenient through the use of biometrics permeates a great deal of general consumer interactions. Recently this trend has been finding its way into the financial sector where the biggest concerns will stay focused on convenience and security.
5. Embracing regulatory change
As the FinTech space continues to grow and evolve be prepared to see regulatory bodies aiming to bring more guidelines through regulatory frameworks.
Read now for more on automation as it pertains to your accounts payable department and the demand for automated solutions that cannot be ignored.
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