Fintech has gotten people all over very excited about how rapidly it’s growing. The reason is that the new technologies we are now all privy to can simply change the way in which we perform financial transactions. The result? A lot of people from a lot of sectors and walks of life can get rich. Therefore, let’s take a look at three fintech trends you should keep an eye out for in 2019.
1. Cryptocurrencies Will Diversify
If you have watched what happened in the world in the past year at least a little bit, chances are you’ve heard about Bitcoin skyrocketing. The incident caused many people to launch their very own brand of cryptocurrency through initial coin offerings or ICOs. The result is that, in the future, as far as the cryptocurrency market goes, the choices that stand before you will be plenty.
We cannot possibly talk about cryptocurrency without mentioning blockchain. This is the technology that allows for its existence. Simply put, a blockchain is a form of digital ledger that will be distributed to a number of different users. Therefore, no one actually has the keys to the data, nor can they change said ledge once the data has been put in.
Needless to say, this type of technology will be substantial in fields such as healthcare. It will be able to hold patients’ data without being corrupted. However, it also holds a major potential of disrupting the current financial market. For example, it may very well affect the way in which we sell and buy houses. Information on that could be stored in a blockchain. Therefore, a bank will have to think about this when they offer someone a loan or mortgage or not.
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NFC stands for near field communication, and it’s the technology that you use to make payments. It has already been in use for a while now in contactless payments with your credit cards and smartphones. Scientists say that they are even able to put insertions into our bodies. In this way, we can pay for things with a simple wave of the hand. Of course, it might be a while until we all walk around in some crossover world between Asimov and Harry Potter, but the NFC is surely heading toward maturity.
It will definitely be interesting to see how it will affect the market since technology seems to be coming up with more and more wearable devices. It is, probably, safe to say that, at some point in time, all of them will have the contactless tech necessary to make payments. Fintech trends keep getting more interesting and more wearable as we progress into the 2020s.
As far as fintech trends go, we’ve chosen to single out near field communication, blockchains, and the diversification of cryptocurrencies. However, there are more trends that you should keep an eye on because technology is not slowing down and it will affect the financial market as well.