As the COVID-19 pandemic made in-person purchases a rare occurence, approach to money around the world changed to match. Digital transactions are safe, fast, and more efficient. It is therefore unlikely that we will see a major return to using cash, or other traditional ways of interacting with money. 2021 may well be the year of fintech. Let’s look at 5 reasons why this industry will continue seeing significant growth in the following months.
The global crisis shaped consumer choices in multiple ways. Government restrictions and guidelines pushed people out of stationary stores, forcing many companies to go digital and change their advertising strategies. Cash became almost obsolete. To incentivize people towards digital money, governments and institutions applied interesting solutions. The central bank of Kenya made mobile transactions more attractive by making them free of fees. Papua New Guinea has written regulating digital transactions into its development strategy. The financial technology industry is evolving in a way that’s necessary in this day and age.
1. Money and commerce going digital
Digital transactions are easy and efficient, on top of being safe during a pandemic. For the consumer, they can be incredibly convenient, and so they are going to stay with us for a long time.
2. A new opportunity to explore user preferences
Online shopping offers a ton of opportunities to ecommerce companies that want to create the best experience for their customers. They can use a data-powered individual approach, apply recommendation algorithms to help shoppers find what they need, and communicate with their audience when it’s the most beneficial for everybody.
3. Rising demand for security in digital currencies
Although digital currencies are fairly safe, we want them to be safer. There are still cases of unprotected currencies that result in theft or fraud. Data security issues are also a big topic in the finance and banking industry. But while all of this sounds dire, these problems are in fact opportunities to introduce smart solutions and protect consumers’ money in new ways.
4. The rise of fully online banks
Physical banks, with tellers and queues, become less necessary when payments turn digital. There are faster ways to deal with emergies, find information, and get the most out of your bank account. Bots, AI and fully available customer service help maintain the high interactivity of talking to a bank employee with the convenience of getting things done from your couch.
5. Smartphones become wallets
Mobile payments are gaining in popularity. For the fintech market, this means a rising demand for new mobile apps that make life (and payments) easier. Solutions for shopping, leasing equipment, or money lending already exist - and we’re going to need more of them.
The right time to invest in fintech - our clients
As a forward-looking software house, we’ve always focused on innovative solutions. Many of our clients are from the financial technology industry. We’ve watched Acima grow, Bitt expand, and Creditspring succeed.
This complex, scalable solution gives users quick access to money lending. Due to its intuitive management system, Acima’s employees can easily oversee loan applications and always find the information they need about their customers’ credit and payments history.
To help this project, we upgraded the existing MVP version by adding new features reflecting Acima’s business growth. Since then, we continue to support the client through a long-term, reliable partnership. Our developers have become an integral part of Acima’s team.
This innovative app introduces a new personal finance model. Users pay a monthly subscription to gain a certain number of guaranteed, instant loans per year. The loan process is fully transparent, with no hidden costs.
iRonin.IT’s developers worked on many elements of the Creditspring app, polishing its main functionalities and creating new ones based on arising business needs. We built a more user-friendly interface, expanded the front and back office systems, and shared our know-how to support Creditspring’s success.
Another innovator, Bitt uses the blockchain technology to ensure secure cashless transactions. This usable payments system helps many user groups, including consumers, traders and banks.
iRonin.IT became Bitt’s technology partner, delivering the high-quality software solution within the established deadline. Our team continues to cooperate closely with Bitt’s internal team, sharing our experience and skills to improve the efficiency of their work.
These projects required a meticulous approach and deep knowledge, which we are able to provide thanks to the experience of our developers. We look at financial technology as a field that will revolutionize everyday life, so we rely on proven solutions to help it grow.
Do you think financial technology has a chance to go even further?
We are always open for observations and new perspectives, so feel free to contact us!
Business Development Specialist
Experienced in many areas throughout the years, like sales, marketing and IT, Michal is constantly looking for ways to improve his knowledge about modern and innovative solutions. Driven by curiosity, people and finding solutions suited for his customer needs.