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Digital Payments, also known as FinTech, are a growing trend nowadays, changing the market forever. We love keeping you informed about all the latest trends in IT, so we investigated the report by PWC about it and created a synopsis for you to have a look at.
PricewaterhouseCoopers is known not only for great audit services, but also for profound studies of global economy trend. FinTech is where financial world meets the world of IT and both are going to benefit from it. We have carefully studied Global FinTech Survey 2016 by PWC and here are the main takeaways from it.
1. Fintech Trends
Fintech is a huge area, which incorporates a number of trends. Let’s have a look at the results of survey, showing what industry is waiting for most.
As you can see, though Blockchain is discussed today a lot and is promised to be the next big thing, it’s not that industry is waiting for it much or expecting it change things drastically. On the other hand one can see high demand in point-of-sale technologies and peer-to-peer solutions. This way one can say that industry is focused on ways to sell more than looking for new cryptocurrencies. Besides, everybody admits the importance to develop technologies that protect customers from security attacks and fraud. Demand for making payments even faster is still on, same as all last decade.
2. Fintech impact on business
Development of Fintech industry can influence your business in a variety of ways. Let’s have a look at the results of the survey.
It’s no surprise that the majority of companies see Fintech as an opportunity to attract customers by offering them new options. Fintech offers better experiences associated with shopping, money management and transactions.
Besides, it is good for business development, since Fintech equally takes care of both internal and external issues. Other expectations from Fintech are to reduce issues connected with data analytics, interactions and risk management.
3. Fintech challenges
Though the managers surveyed by PWC are very excited about Fintech development, they also admitted that they face a number of challenges when working with Fintech companies.
As you see, main issues lie in how different the business models and operational processes of their and Fintech companies are. Inability to keep regulations under strict control also adds challenges to cooperation.
The survey shows that Fintech has a lot to offer to modern financial industry. The growing popularity of online payments brings around the high demand for cybersecurity. Power dynamics of the industry requires introduction of new payment channels and speed up of transactions. Fintech is quite efficient with solving the major issues of the industry and much expectations are put on it.
And what do you think about Fintech trends? Share with us in the comments!