The document outlines 6 of the hottest fintech trends to look out for in 2017: 1) Increased use of artificial intelligence and predictive analytics by fintech companies. 2) Growing popularity of mobile transactions using just a phone number. 3) Less need for cash and cards as contactless payments from phones increase. 4) Improved security through biometric authentication like fingerprints and facial recognition. 5) Rising adoption of cloud technology by businesses and fintech innovators. 6) Faster payments and more innovative solutions as traditional models are disrupted.

1. THE TOP 6
FINTECH TRENDS FOR 2017
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2. You’ve probably heard phrases like ‘the fintech
revolution’ or ‘the big bank disruption’… and it’s
no surprise.
We’ve outlined 6 of the hottest fintech trends,
to look out for in 2017.
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3. The Global Value of Fintech
It’s worth looking at a few statistics, before we begin:
In 2013, the global value of fintech was estimated by ‘Statistics’
at approximately £3 billion. By 2014, fintech firms had already
attraction £12 billion of investment. And by 2015, that figure had
risen to over £20 billion, globally.
As we move on into 2017, fintech disruption continues to grow.
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4. Trending in Fintech:
1. AI (Artificial Intelligence)
It is believed that fintech companies will harness the technology of evolving AI
capabilities, to make better decisions and improved solutions. They’ll make use
of predictive analysis to break down big data and analyse large volumes of
consumer information.
This will ultimately create an enhanced ‘user experience’, with more assisted
customer interactions and ‘robo-advisors’ (financial advisors with minimal
human intervention).
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5. Trending in Fintech:
2. MOBILE TRANSACTIONS
The ability to transfer funds using just a mobile phone number is growing in
popularity in the UK. National Peer to Peer service ‘Paym’ reports an almost
doubling in transaction volumes over recent months.
More than £146m has been sent using Paym, since its launch in April 2014, and
these numbers are likely to grow. It seems that consumers appreciate the speed
and convenience (as opposed to using ‘old-fashioned’ cash).
An upwardly mobile world combined with improved technology will create
‘more opportunity for disruptive models to find success’, which can only be good
news for FinTech.
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6. Trending in Fintech:
3. NO MORE WALLETS
Contactless card transactions are expected to double worldwide by 2021, and
fintech companies and apps will make purchasing easier- More stores will allow
payments directly from a mobile phone.
There will be less need for cash and separate cards. We’re well on our way to a
future where people will be leaving their wallets at home, and replacing them
with smartphones in their back pockets.
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7. Trending in Fintech:
4. BIOMETRIC SECURITY
Great news for the people who are always forgetting their passwords!
As mobile and contactless transactions increase, there will also be a need for
improved security measures to prevent fraud. Transactions may involve multi-
step security, such as fingerprint recognition, face recognition or iris scans.
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8. Trending in Fintech:
5. RISE OF CLOUD TECHNOLOGY
Already, a staggering 93% of businesses now use some form of cloud
technology- the benefits have become obvious to all of us.
Many of the ‘industry giants’ continue to take their time migrating to cloud
software delivery, meaning they will be less able to meet the demands of their
customers who have already fully migrated. This will provide greater
opportunities for fintech innovators to tap into the mega-vendors’ market
share.
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9. Trending in Fintech:
6. WARP SPEED
2017 is set to be another disruptive year for the fintech industry, with ‘easier
ways to pay’ being at the top of the list. Traditional data centres, hard-wired
connections, and wallets will be left behind- for a faster, more innovative way
of doing things.
Companies and consumers: Welcome to the future.
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10. Everything starts with a conversation, so let’s talk:
Safaraz Ali
Linkedin: https://uk.linkedin.com/in/safaraz
Twitter Handle: @SafarazAli
Tel: 0121 707 0550
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www.tcipathway.co.uk