Top 21 FinTech Predictions for 2016

Jan 1, 2016

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FinTech and especially #Blockchain has a huge momentum going into 2016. More immediate and tangible than IoT, more impactful on Retail and customer experience, and more interesting in automation than many other trends in technology. I don’t know much about FinTech, but I want to know more. #BigIdeas2016 didn’t cover this topic as well as I would have hoped.

So here are some laymen predictions on its direction in this new year.

1. Cyberfraud pushes innovation

2. Mobile payments goes mainstream (not just smartphones)

3. Device agnostic omni payments competition heats up between corporations and card companies.

4. Rise of new kinds of small Banks (who out-compete Big banks with new FinTech).

5. Greater convergence between mainstream Banks and FinTech

6. Insurance sector is disrupted by Digital Insurance startups

7. Millennials continue off-credit and mobile banking trend, with majority of new accounts going the route of digital banking.

8. The crowdfunding trend increases leading to FinTech startups in this domain flourishing.

9. Personal wealth management apps disrupt Financial Advisers and digital appointments with them increases.

10. B2B Wealth Management startups rise out of nowhere.

11. Digital wallet war for retail dominance commences in hyper speed.

12. Financial Health/Wellness becomes a hot topic for startups as economy slumps again.

13. Rise of the Robo-advisor, machine-learning will begin to outperform human financial advisers for big-money investments. Disruption here is inevitable.

14. London & Singapore surge with FinTech, along with NYC, while SF cools.

15. Alibaba enters payment options and its entrance starts the rise of Asian gradual supremacy, over declining USA influence.

16. Big brands supporting SmallBiz will become more common.

17. All in one (all-inclusive risks insurance) will become more prominent.

18. Insurance world will start to learn how to combine with Blockchain.

19. FinTech incentives will push data modeling and predictive analytics solutions and accelerate their development far faster than anticipated.

20 Blockchain as a Service (BaaS) will gain steam, and the foundations will be laid for a decade long process of disruption.

21. More core banking processes will go to the Cloud in 2016, with it being nearly total by 2020.

For more articles on #BigIdeas2016

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