Why 2020 is The Year of Customer Experience in Fintech

Fintech has been working overtime to disrupt financial services over the last decade. With investment in fintech rising above $30B, the race to craft the best customer experience is in full force.

Big Tech players like Apple and Facebook are entering fintech, putting the pressure on startups and traditional institutions. Everyone is competing to push more fluid experiences, both in digital and brick-and-mortar.

As a result, customers across the globe are seeing services that can be cheaper, faster, and easier to use. But the ultimate edge will go to those who can give customers more control with less friction from middlemen. Here’s how that might happen in 2020.

Expansion of Big Data and Connectivity

Big Data might be the most valuable asset to anyone in the fintech race. Many brands are taking the leap to break the walled data gardens of traditional finance for the benefit of customers. This “open banking” across brands in finance and beyond is a move towards more convenience and proactive services.

Application programming interfaces (APIs) help isolated online services understand customer behavior beyond their own ecosystems. The two-way flow of invaluable customer data helps brands tweak their offering to a personalized…