2017 Welcoming New Fintech Trends for Mobiles

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Originally posted in finmaps.comfinmaps-logo

In the field of developing products putting mobiles first, it appears that financial companies are ahead of their league. Back in 2015 fintech, or financial technology, was considered a buzzword with various startups including Square and Tapview to raise huge amounts of money and take advantage of the growing trend of digital disruption that is now restructuring the sector.

When the advertising industry and media begin to consider mobile not as a device but as a behavior, they will start to finally understand the best method to target their consumers. This is a concept fintech businesses have carried out since day one.

Startups are not restricted to similar legacy links as customary banks. This allows them to bring to the table new innovative ideas and implement them very fast, while large banks will take action very slowly. Regarding financial startups, the art is in discovering the balance on how to create trust in the brand. This is something already achieved by Facebook and Snapchat, and they are brining huge agility to the market.

Payments through micro methods

Industry gamification will be to the benefit of mobile commerce, as customers learn more about making small, multiple purchases on various devices. The music industry has already welcomed the idea of micropayments, encouraging major publishers to follow in line, including the likes of The Washington Post and The New York Times.

Digital payments have witnessed huge shifts, as they were previously owned by banks, and yet now there is a large amount of content spewing out of the economy, parallel to peer-to-peer transactions. Micropayments are also preferred methods for mobile payments, while consumers are more likely to use mobile for bigger purchases as they continue to gain trust in this method down the road. These days people are beginning to spend thousands of dollars online to purchase specific products.

Bank cards making room for smartphones

Money transferring is being made faster by a new app generation. The process is becoming much faster, less expensive and perhaps most importantly, decreasing the burden of going to an ATM machine. Business Insider has even estimated the opportunity being worth around $1trillion. So much that Android Pay, Apple Pay and Samsung Pay have all decided to invest in this field. This has allowed Australians to store their credit card data on their mobile devices and pay for their purchases without the burden of reaching for their wallets. As ANZ and NAB adopted this technology most recently, Australia as a country has been able to make huge strides in welcoming in the concept of mobile payments. Other banks will most likely follow in line.

ANZ had in the past launched a marketing campaign to back Apple Pay. Marketing of such products will most definitely play huge roles as consumers will for now seek more knowledge before completely opening their arms to this new technology. Especially with all the concerns about placing your personal information into a mobile device that is connected to the Internet.

While through its marketing campaign Apple has provided more than enough knowledge about Apple Pay to its consumers, other brands continue to struggle in this regard. Pay Pass and Pay Wave were quickly adopted by Australians, and the process will most likely advance quickly after big banks start providing the necessary functionality.

Brands will soon be able to continue beyond the point of sale in conversations with their consumers, all thanks to the mobile technology advances. For example, when a consumer passes by a new interactive billboard. The ability to move past the transaction and reach the point of sale to actually make interaction with anything in this world is considered the most major change in the mobile industry.

The world of artificial intelligence

Imagine a computer being your future stockbroker. Jobs done by humans for decades are now being carried out by machines, and financial firms are loving it, as it lowers fees significantly and skyrockets profits. The U.S. has already welcomed this, as machines on Wall Street are continuously replacing people.

AI will bring about huge changes in the financial world alone, including providing financial advice. Establishing a uniform experience for all consumers will be the goal of AI technology. American Expressand Bank of America are launching ‘innovation centers’ in which they are attempting to adopt the startup mentality, while remaining loyal to infrastructure and well-established brands. As this trend continues to expand across the globe, 2017 will most definitely witness a huge leap forward.

Payments made easy with P2P

Again referring to Australia, Visa discovered a very slow progress towards welcoming peer-to-peer payments in comparison to other states. Yet as Apple, Facebook and Snapchat began introducing new products, money is being more digitally transferred, and mobile users are getting adapted to it.

Facebook also adopted P2P payments into its Messenger platform, while claiming to enjoy more than 1 billion users. Facebook also recently launched a marketplace allowing users to take advantage of the platform to sell whatever to other users.

Australia recently witnessed the entrance of Square, a global payment firm established by Twitter CEO Jack Dorsey. While not widely promoted as of yet, the company allied with Snapchat back in 2014 to form Snapcash. In the meantime, through the use of emojis to provide money to friends and establishing special relations with users not comfortable with carrying cash any more. An important issue is that major companies should begin making contact with millennials, as they make-up tomorrow’s buyers.

The technology of blockchain

While bitcoin digital currency remains uncontrolled, blockchain technology is used to enhance banks’ security and transparency. Working as a distributed ledger technology, blockchain allows various companies to monitor and digitally track asset ownerships. This provides a much needed sense of security and transparency for the global money transfer. Most recently, IBM declared banks and financial institutions from nearly all walks of life are welcoming the notion of blockchain technology at a much higher pace than ever expected. A whopping 15% of banks are willing in 2017 to launch commercial blockchain products in full-scale. NAB has recently made its first transferring with blockchain, reports indicate.

Australia was also selected in September to lead a technical committee missioned to develop blockchain standards. This entity will help supervise the development of new international standards for this technology. Blockchains will grow amazingly across the globe and begin to revolutionize the sheer concept of banking.

For those concerned about online security, Uber and Airbnb have taught us we can actually trust strangers, all from a sharing economic perspective. This eliminates the any online security fears and worries.

The author, Paul McNeil is a tech analyst specializing in the political and moral perspectives of today’s innovative world. He blogs on these issues at TechMoralitics and followed on Twitter @mcneil_lfc. You can also view his LinkedIn profile here.

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Author: techmoralitics

I am a tech analyst specializing in the political and moral perspectives of today’s innovative world. I also have 7 years of experience as a news writer. I also worked as an anchorman at a TV station for 3 years. I also have an expertise in voice recordings for various reports and special video clips. I have also recently written many op-eds and articles as a ghost writer in various websites including Newsmax, The Hill, ArabNews, American Thinker, Canada Free Press and ...

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