Top 5 Banking Industry Challenges – And How You Can Overcome Them

Let’s discuss what developments in the field of fintech will be trending in 2021. And how to use them for business with

The rapid evolution of the fintech industry in recent years has coincided with a pandemic. Further it accelerated change. The fintech tool market has never changed as quickly as it does now. Economic instability has brought to the fore the tools to control and manage expenditures. In fintech, as in other industries, social functions are developing. Financial management is no longer an exclusively private experience. And it opens up new opportunities for group interaction.

Quite a long time ago, the variety and convenience of fintech solutions forced banks and financial institutions to rethink. They changed their attitude to user experience. If earlier they built processes around their own tasks. Today it is the needs of users. They are at the head and are the driving force behind the development of the financial industry.

Business automation

Doing business requires regular complex operations and paperwork. Their automation will be another significant fintech trend in 2021. Online banking will give customers the ability to receive electronic checks and invoices. Although these are increasingly being created online. Banking apps will become a place for bookkeeping and even getting legal services. This frees you from the hassle and allows you to focus on more important things than filling out and sorting hundreds of pages of documents.

Blockchain technology

When developing and implementing a digital strategy. It is worth considering the following key trends in the development of mobile banking for small businesses:

Banks have stopped considering mobile banking as an addition to Internet banking. They are increasingly focusing on its development as an independent service channel. They fill  it with identical functionality as much as possible. Let’s take into account the first statements about the mobile-first or mobile-only strategies. Here is important a number of banks in the retail segment. It can be assumed that in the next 3 years several banks. It will shift the focus of development from Internet banking to mobile applications.

Taking into account that a small business is most often under the supervision of a member of the board in charge of retail business. A mobile bank for business is more often developed on the basis of a mobile application for private clients. Thereby providing additional user-friendliness of software architect consultant. An individual can be a head of a company or an entrepreneur.

Further development of mobile applications will be exclusively based on Android and iOS. While Windows solutions are phased out. It should be noted that against the background of a decrease in Internet traffic through tablets. As well as the active development of Windows 10 laptops with touch screens. The interest of banks in tablet banking has significantly decreased. Tablet applications, despite their advantages, are more the exception than the general trend.

Banks will actively integrate mobile solutions with instant messengers and social networks. Both in terms of communications. And increasingly, using artificial intelligence. As well as document exchange and transactions.

Banking mobile applications for small businesses will follow the trend of development. It’s related to the retail segment. They actively introduce NFC payments, biometrics, integration with external B2B services. These are in particular, CRM systems and online accounting departments.


Exit mobile version