While technology has changed multiple parts of our lives already, banking and financial industries are still lagging behind. And that is exactly why fintech companies are here. Software development teams across the world are working hard to find new ways to introduce technology to financial industries and take their part of the $127.66 billion market. Here are some of the most important fintech trends of 2019.

The steady growth of chatbots

While chatbots may not be the newest trend, they are definitely an important one. With the advancements in the area of AI and Data Analysis, chatbots are finally getting much better at processing language, predicting questions. With bots like IBM Watson Assistant, many customer problems can be solved quicker and cheaper, and if there is a need for the help of a real human, it can easily redirect a customer to an appropriate department.

Also, chatbots are gaining a lot of use from customers, as they allow them to skip the unnecessary wait time when calling the bank. What is more, chatbots are simply faster when it comes to non-complicated actions like searching for ATM’s, calculating loan interest or planning savings.

Advanced chatbots can also provide more security for your customers. With the use of data about customers’ behavior, they are able to detect fraud with higher accuracy than humans.

Because all of that, chatbots allow banks to reach wider customer groups and they also help to keep the costs down. Currently, this is the most widespread fintech trend, which shouldn’t really be much of a surprise.

Online-only banking

A blooming trend along millennials, mostly because of the convenience that they provide. You no longer have to leave home to visit the bank. With mobile applications that usually exceed the capabilities of apps provided by financial institutions, it is not a surprise that tech-savvy users choose digital-only banks.

With the rise of services like Menzo or Revolut, which not only offer more intuitive applications but also offer additional bonuses – the future for online-only banking is bright. Revolut is an especially interesting platform because of the way it automatically converts currencies to provide you the best exchange rates as possible.

When talking about digital-only banks, it is hard not to mention services like Facebook Libra. This year, Facebook finally announced how they would like to enter the financial market. But while some people were really happy with what Facebook showed to the public, it still has a long way to go before it gains back the trust of both, users and regulators.

Open Banking (PSR2)

This year brought us a lot of changes when it comes to the selection of apps interacting with our accounts. With more and more countries adopting the PSR2 directive, it becomes much easier to develop more or less advanced systems that interact with users’ accounts. But Open Banking has much more use cases than creating a simple tracker of your account.

One of the most interesting use cases that I have seen for Polish API was presented during Open Banking Hackathon in Warsaw. It was an online elections system, which utilized bank accounts to authenticate users and ensure their identity.

Open Banking not only speeds up software development, but it also makes it more accessible. This allows more people to implement ideas that were previously impossible or incredibly hard to finish. Because of that, we can expect new creative ways to interact with our accounts through third-party applications.

Blockchain in banking

While many of us expected cryptocurrencies to overtake the financial industry by storm, it did not happen yet. But that does not mean that blockchain did not have a big impact on the industry. Payments with cryptocurrencies are getting more and more popular, which causes an increase in locations that accept cryptocurrency payments. One of the biggest advantages of blockchain is the fact that it gets rid of the security concerns often associated with fintech. The data once saved to a blockchain can no longer be modified.

Mobile payments

Mobile payments are not something new, their popularity are growing every year, and we are constantly receiving new payment applications. While no other country reached the level of China when it comes to mobile payments, the biggest tech companies are trying to implement their own payment methods inside their apps, with the goal of becoming the “super-apps” of the world. 

Changes in technology also have a big impact on the popularity of mobile payments. The increase in the number of budget phones that support NFC, and in turn contactless payments, means that more and more people can leave their credit cards at home, and replace them with their phone.

Rise of fraud detecting services

Fraud detection always was and still is one of the biggest issues when it comes to banking. 2019 brings us more and more new companies that are constantly trying to find new solutions to increase the accuracy of fraud detection algorithms, as well as looking for a new methods of detecting frauds.

One of the most popular trends is the increase of services like Visas True Link Financial, which comes with controls to block certain merchants. The other type of services that are starting to appear are services that monitor the activity on your account and inform you not only about potentially fraudulent activities, but also stuff like missing regular deposits.

Biometrics in fintech

With multiple threats in the form of different kinds of cyber-attacks, software development teams had to find new solutions to increase security. The obvious solution was biometrics, and that is exactly why the popularity of them is rising so quickly. Not only are biometrics more secure, but they are much more convenient for customers. No longer they have to remember their long and secure passwords. Instead, they can simply use sensors like fingerprint scanners or iris scanners.


Fintech is one of the fastest-growing industries, and there are a lot of new innovations and small revolutions every year. It is hard to predict how the technology will advance, but I am sure it will provide us with even more secure and convenient methods for payments and asset management.

About author:

Dawid Cyron, Software developer, Dreamer, Dancer, Gadget Geek, Adventurer, Gamer. Writing about all tech related things

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