A VERY late Happy New Year to you all! For anyone that does read these blog posts, 2016 for me was all about fintech. This year will be no different, here’s a brief look at what many commentators have predicted – with 5 fintech predictions for 2017.
5 Fintech Predictions for 2017
Many in the media have dubbed 2017 as the year of AI, this will be the year that an array of industries will ask how the latest old trend in computing threatens and disrupts. Expect a more intelligent type of fintech, which will cater to the consumer’s every need and deliver a more of a robust money management experience.
This year one of the biggest things we’re going to see in fintech is the automation of the invoicing management process. We can expect innovative invoicing and as a result, payments will be in real-time and become easier, which will therefore narrow the gap between credit and recovery.
When article 50 is triggered here in the UK, the two-year journey to exit the European Union will begin and so will the exodus of fintech firms from the UK if the country chooses to end the EU licence pass-porting as well. We could see a big move out for fintech firms from the UK and relocate to other european countries such as Ireland and Germany.
Blockchain technology will continue to make the headlines in 2017. If you’re new to blockchain, it basically consists of a long chain of data blocks in which one or more transactions are being compiled, encrypted and securely stored without being hacked. Ideas and concepts on where blockchain technology might be used in the future, are only just beginning. There has been a lot of talk about smart contracts. Instead of using a solicitor for example, a computer takes charge of the contracts. Blockchain technology software would proof all preconditions in live mode and can read individual agreements automatically.
Pushing towards a cashless society
Amazon recently unveiled plans to bring a chain of cashier-free stores to the UK next year. By using technology to track which items have been selected, you’ll no longer have to queue or use those annoying self-service checkouts. Customers will be able to pay via their smartphone as they leave the store. The introduction of these next gen stores will push us towards a cashless society in 2017.
Fintech Predictions for 2017 – What are your thoughts?
What other predictions would you add to the list? Where do you see fintech developing in 2017? I’ve recently set up a Facebook page called Global Fintech News, feel free to share your thoughts and predictions, you can also tweet me. Stay tuned for my next fintech blog post.
*Featured image : In Business.ae