Mobile devices are already a big part of our everyday lives, and as technology advances, we will continue to use mobile technology more and more. A major part of this is the fintech industry making it easier to complete financial transactions and store financial data digitally. Some primary examples of fintech in our daily lives include virtually depositing checks, banking apps, voice banking, and financial protection services. Here are a few trends to look out for this year.
Automatic Savings and Pay Down Features: This year we will start to see a number of apps and online banking products provide simple and automatic tools for saving money. One app that’s growing in popularity is a “round-up” app. It simply rounds every purchase you make up to the nearest dollar. There are also some apps that will put the extra change towards paying off student loans. A few examples of automatic savings apps include:
Voice Technology: Voice banking is rising in popularity thanks to the use of voice technology in other areas like voice-controlled remotes, televisions, and GPS. Banks like Ally and Capital One are now allowing customers to check on recent transactions via voice control. Moving forward we will see this advance into other common banking tasks like transferring money or applying for mortgages.
Payment Speed: Banks are starting to realize that they need to keep up with easy payment opportunities provided by Google and Apple Pay. In order to do this, we will see banks start to offer contactless cards, negating the need to swipe or insert a chip. By doing this, banks are hoping to speed up checkout lines and make customers happier. Many are also predicting that banks will continue to move towards real-time payments, making financial transfers instantaneous.
Protection for Vulnerable Consumers: Companies are now providing financial services that help to protect senior citizens from fraud. The main goal according to The Balance is “to help our parents and grandparents maintain financial independence while still protecting their assets.” These services can also be used for children to help parents manage spending. Prepaid visa cards that can block spending from certain places, as well as fraudulent activity detection, are the main ways banks are starting to protect vulnerable consumers.