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Nov 2015

Top 5 FinTech Trends in 2016

November 3, 2015
Capify Australia

Financial Technology or FinTech is revolutionising the way the world does business.  2016 comes as an exciting time for businesses, as tech innovators are cooking up even more convenient solutions for data analytics, the expanded use of big data, and better access to alternative lending.

Next year could be a turning point for both individuals and organisations with the way money is saved, spent, and how investment portfolios are diversified.  The same goes for the improvement of user experience (UX) in a variety of fields.

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1. Alternative Lending Platforms

Currently, alternative lending is one of the fastest growing FinTech  industries. More and more enterprises are choosing cash advance loans over their more traditional counterparts. Why? Well, they are easier and faster to secure, and the payment terms are easier. With this, alternative lending is set to experience a surge pretty soon.

Reputable alternative lending companies, like Capify, work with virtual platforms – accessed over the internet – and harness the power of data analytics to determine an applicant’s creditworthiness. Their operations don’t necessitate a lot of manpower, providing  the business model a low cost structure, and have the potential to reach more businesses.

As more and more SMEs opt for these lending platforms,  traditional financial institutions could be in for some serious competition. This could very well happen in 2016 or at least in the not-too-distant future.

2. Big Data-Powered Dashboards

The  world has adopted big data in a big way (pun intended)  and  tech developers have been gradually improving related dashboards used in various industries. That gradual process is likely to speed up in the coming year, and the results will be remarkable. Working models of big data-powered dashboards have sprouted this year at the Finovate event in London. Next year, thorough development and full-on promotions for them should ensue.

The intuitive platforms are full of notable features. There are banking and advertising dashboards that are integrated with facial recognition and the ability to classify passers-by demographically, en route to serving customised and directed  promos and special offers. An application for financial advisers, which generates insights on different scenarios coupled with stylish graphical representations, also drew a lot of  attention at the event.

All told, many of these programs have been released or set for a product launch soon. By 2016, some of them can be game changers in different industries.

3. A Crowdfunding Explosion

Crowdfunding sites like Kickstarter and Indiegogo are proving to be the go-to-sites for startups who want to be backed. Popular products such as Zombiecide (game board), Star Citizen (video game), and Pebble Time (smartphone-like watch), among others owe their success to crowdfunding sites.  The best part is much of the funds doled out didn’t come from the crowdfunding companies, rather from droves of  supportive netizens.

As it turns out, a lot of people are willing to help out small companies or individuals who develop products that pique their interests. So much so that a number of them  invest a good portion of their income. This worked like a charm over the past few years, and 2016 could be the year that crowdfunding operations, as a whole, will achieve mainstream success.

Taking a cue from the accomplishments of established crowdfunding sites, FinTech companies can give potential investors a multitude of investment opportunities, spanning nearly every possible asset class available. E-commerce integration allows fast and hassle-free payments online.

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4. Cryptocurrency and Bitcoin

Bitcoin, deemed the internet’s official currency, illustrates the power that FinTech companies hold. Through the virtual money, internet users are able to purchase all kinds of items over the internet at relatively reasonable rates. Remarkably, next year’s trend won’t exactly revolve around bitcoin. The thing in focus will be the technology that runs it – the block chain.

Apart from unleashing an actual currency, it was discovered that the block chain can be used to revolutionise the stock market, payment transactions, and the efficient peddling of patents, just to name a few. This might sound a little too ambitious, but NASDAQ has actually started using the technology for their market of shareholders. It’s just a matter of time before flocks of enterprises worldwide follow suit.

5. “Natural Intelligence” in Machines

Like we said earlier, Big data has gone global. Iin fact, the use of data analytics platforms has gone mainstream. Of course, hitting the mainstream market signals developers and data scientists to work on new solutions, so as to get the jump on the competition. Th next step in data analytics  is  machine learning.

Aside from collating and analysing massive data sets of  information, data platforms powered by “natural intelligence” can zone in on patterns in the data, generate insights, make smart inferences, and even predict trends and scenarios. This bodes well for nearly all industries, including the government and financial institutions . This  platform will do a good chunk of the thinking for its users, at lightning fast speeds.

In the sphere of financial technology, a data platform that learns can instantly spot people who are creditworthy and those who have to work on their credit scores prior to loan approval. In the same vein, such a platform can predict who will have trouble paying for loans in the long run in spite of having a favourable credit rating and those who can eventually become liquid and have no trouble with the settlements. The possibilities are seemingly endless.

These souped-up platforms are already utilised worldwide, often handled by software developers and business consulting companies. Although it is still relatively unknown in the business world, “natural intelligence’s” impressive capabilities will light up world economies, industries and more.  It’ll give companies with in-depth insights on potential clients and a plethora of profitable solutions.

With all the tech developments at hand, investing in some of them can give a company an instant edge in sales and/or operations. Securing a cash advance Australia provides your company the funding to afford some of them. Who knows, the next piece of technology you purchase might be your firm’s golden ticket to achieving progressively increasing returns.

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