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Here’s a look at the top tech trends to keep an eye on in the year to come.
Mobile Payments
In the rush to capitalize on the opportunity to offer mobile payments, banks and credit unions in particular will likely invest heavily in updating their mobile apps, with mobile wallets taking center stage. When looking for digital solutions, digital banking for credit unions will become more and more popular. These applications can help credit unions and other financial institutions create user-friendly interfaces.
The world of financial transactions in 2021 will shift from traditional transaction networks to more simplified mobile apps, enabling users to make purchases through an app, or send and receive payments without ever using their debit or credit card.
Mobile wallets, like Apple Pay and Google Pay, which already account for nearly 90 percent of smartphone contactless payments in the U.S., have exploded in popularity, and the technology will probably continue to gain in popularity as a result of its convenience and efficiency.
Merchant Services
Merchant services refer to the financial services that allow businesses to accept credit and debit card payments from customers. These services typically include the equipment and software needed to process payments, as well as ongoing support and account management. While it may be tempting to opt for some of the lower-priced services due to the upside of saving money, it’s important to understand that cheap merchant services have downsides too.
Cheap merchant services may come with hidden fees or poor customer service, which can end up costing businesses more in the long run. It’s important to do your research and choose a merchant services provider that offers transparent pricing, reliable equipment, and responsive customer support, even if it comes at a slightly higher cost.
In the end, investing in high-quality merchant services can help businesses improve their cash flow, streamline their operations, and provide a better experience for their customers.
New Innovations
Current mobile payment technology makes it easy for people to transfer money and pay for items in person, but it’s not easy to identify and offer all of the products and services that can be purchased using mobile payments.
Things like ticketing systems and parking and payment kiosks will be added to make mobile payments more secure, accurate and user-friendly for customers.
Big Tech Adoption
Large corporations that have traditionally been reluctant to adopt new technology will have to overcome their reluctance to adopt new technologies to stay competitive in the financial space.
Particularly in the context of FinTech, banks and credit unions will need to embrace Big Tech, leveraging innovations like cloud computing and other applications to offer more value to customers.
Specialized Finance For Underserved Communities
Banks, credit unions and financial institutions that serve underserved communities will likely find new and innovative ways to address the problems in these communities.
Financial institutions that have a robust base of small business customers and offer financial education or small business loans to underserved communities can gain more traction in the industry.
Connected Tech
Connected technology, such as mobile payments, big data, and personal assistants, will continue to grow as a staple of everyday life. Smartphones are already used in billions of transactions annually, and new technologies like mobile apps from developers like Darwoft will likely continue to grow in use.
This trend will be especially important for people who are most financially underserved. Technology is moving so quickly that providing smart payment systems to financial institutions will be critical to ensure that consumers have access to their financial accounts wherever they go.
Financial Tech and Tech Ecosystems
The financial technology (FinTech) and technology ecosystem (tech ecosystem) will continue to develop as FinTech companies continue to build and grow.
Whether they’re looking for new technology to offer, such as mobile payments, or they’re seeking new ways to be creative in their marketing, tech companies will continue to grow in importance to the financial ecosystem. There are already a number of emerging and established companies, like Lionpoint Group (https://lionpointgroup.com/technology/) for example, that offer a variety of innovative tools that are designed with the technology necessary to run businesses in the finance sector. They will also help to grow the tech industry in general.
Digital Financial
The digital economy will likely continue to grow as consumers shift more of their spending to digital services, including shopping, travel, entertainment such as new casino sites, etc.
