2023 Fintech and Financing Conference & Expo

The Latest Innovative Trends in FinTech

Oct 31, 2022

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The Fintech industry has been home to some of the most interesting innovations over the past few years, with startups leading the way and disrupting traditional financial services. FinTech has been steadily transforming the global economy, allowing the bankless to gain access to banking services and offering new ways for consumers to get more out of their money.

Innovation has been key to change in this sector, bringing new technology and ideas to the table and changing how people do business. Innovation is a powerful tool for implementing new ideas and leveraging resources to create a competitive advantage. You can learn more about how it works with a corporate strategy course, which will give you the tools you need to drive innovation and boost your business’ performance.

Although we’ve seen many big changes in the FinTech industry, there is still room for growth. The global market for financial technology is predicted to grow at a compound annual growth rate of 26.2% through 2030. These are some of the latest innovative trends that can help this sector continue to grow.

Buy Now Pay Later

Buy now pay later (BNPL) is hardly a new concept, but recent innovations have led to it taking off all over the world. Services such as ClearPay and Klarna offer consumers the chance to pay across interest-free instalments. Giving consumers more freedom over when they pay has proven to be a major hit, with a growing number of online retailers now offering this service.

BNPL companies might not charge interest on instalments, but they do charge if the instalments aren’t paid in time. Some have criticised these companies, saying they have the potential to trap the financially illiterate in debt. And when BNPL is offered for things like takeaways, it’s easy to see why people would think this.

In reality, it’s much more like a credit card. Only anyone can use it. Future innovations to BNPL services could include offering better guidelines to consumers on the risks involved in paying on credit and linking a bank account to make direct debits.

FinTech Super Apps

With the help of a payment system, super apps combine many programmes into a single user interface to offer an ecosystem of completely integrated third-party services. The idea is not brand-new. It’s also incredibly prevalent in apps throughout Asia and Latin America, and the concept is becoming more common in the West too.

Any existing digital platform with a sizable user base that has a shared lifestyle or business goal could benefit from developing a super app. It allows the organisation to combine the end user's existing data with fresh insights gleaned from a variety of behaviours and interests. Super apps have a lot of applications within the FinTech industry and could be part of the next wave of innovative ideas.

See:  CPAs Are Seeing Fintech Innovation Across Many Canadian Provinces

The emergence of these apps could result in cryptocurrency trading while maintaining multiple savings accounts for fintech. This could also include quick and cost-free account opening alternatives, as well as cross-border payment capabilities and multi-currency possibilities. Already, platforms such as Monzo, Revolut and Starling are approaching Super app territory, offering several different services in one.

Mainstream Adoption of Cryptocurrency

Cryptocurrency has steadily seen increased adoption around the world since it first appeared in 2010. Every few years, the market grows, and hype builds around these digital assets. Although many dismissed them as a fad initially, they’ve become more widespread, and the potential use cases and applications are extremely interesting.

In 2021, El Salvador became the first country to accept Bitcoin as legal tender, sparking a lot of debate. Since then, no other countries have followed, but El Salvador offers potential insight into a world that fully adopts cryptocurrency payments.


NCFA Jan 2018 resize - The Latest Innovative Trends in FinTechThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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