Digital Horizon: perhaps in 2021 finances will be "your Facebook"

Digital Horizon: возможно, в 2021 году в финансах появится «свой фейсбук»

Experts from the international investment firm Digital Horizon predicted the development of the FINTECH market in 2021. dev.by look, what are the main trends highlighted by analysts.

Banking outside the banking applications

2021 will continue to push banks from customers. Tools embedded finance (embedded Finance) allows you to integrate payments, debit cards, loans, insurance, and even investment tools in almost any non-financial products.

For example, you can obtain a loan directly on the website of the online store or supplier without filling out the questionnaires. And the money can be transferred through the apps that seemingly have no relation to Finance. This approach will increase the profit of the banks and finehow because it will allow you to compete with players who are trying to drive customers to their banking applications.

The flourishing of digital assets

After China, dozens of countries announced in 2020 that start developing their own digital currencies or considering this possibility. In parallel, the regulators have tightened control over cryptocurrencies, requiring cryptoservice to identify users exactly the same as banks do.

В России хотят ввести цифровой рубль In Russia want to enter digital the ruble In Russia, want to introduce digital ruble

As a result, many players in the financial industry changed their attitude and got ready for the creation of hybrid models of digital assets. PayPal, BBVA and Visa have already launched triptoreline, the rest closely follow the leaders. In the coming year, likely the big players will not only develop your own, but you can also integrate third-party cryptoprocta.

Data live

Information about the financial situation of the clients has become obsolete with such speed that for decision-making, banks need to track almost in real time. But the more data, the higher the load on data-departments, and thus, increases the computational cost. Therefore, the likely rapid growth and the scoring of the analytical products that provide insight in real time and are able not only to calculate historical scoring, but also to predict on the basis of big data.

Unmanned finances

2020 more “shattered” financial discipline and forced people to look for new ways to save and increase savings. The answer to this need can be automated financial solutions. The first prototypes were Bank accounts”piggy banks”.

Perhaps in 2021 finances will be “your Facebook”, which will initially unclear monetization, but it will grow quickly, helping the user to maintain financial health.

Payments without intermediaries

The pandemic has led to a sharp increase in online payments. So, in the third quarter of 2020 the number of new active PayPal accounts grew by 15.2 million, the volume of payments through the service up to 36%. And the number of transactions on the platform Checkout.com with the start of the pandemic has increased by 250%.

Meanwhile escalated and the cost of transactions. Business actualizes the request for alternative methods of online payments, including electronic wallets, QR code cryptocurrency. Of course, the international payment system will not disappear. However, actively will develop solutions that will affect the changing role of Visa, Mastercard and the acquiring banks.

Пользователи Viber смогут платить за услуги через через Google Pay и другие системы Viber users will be able to pay for services through Google Pay and other systems On the topic of Viber Users will be able to pay for services through Google Pay and other systems

Designer financial technologies

Traditional financial institutions accelerated infrastructure renewal and the transition to digital. This led to the development of the trend to simplify digital infrastructure. In the short term talking about low-code development (that is, with minimal knowledge of code), and in long — term no-code solutions.

Now specialized providers, rather than modular solutions offer banks services to low-code platforms. This allows you to easily and quickly add the necessary services: from payment solutions to more complex products related to machine learning and includes pre-trained models.

In the future banks will be able to create a customized solution that will best meet the needs of customers.

Degeneration of insurances and loans

New user scenarios force us to look differently at traditional financial products: insurance come into the territory of loans, there where always dominated by insurance, there are hybrid models that combine credit and insurance components. For example, decisions for funding deposits when renting a property.

Go to our cases Get a free quote