May - 20198IN MY OPINIONIn the last couple of years, we've experienced a ballooning fintech sector ­ talk about blockchain technology, internet banking, mobile banking, just to name but a few. And 2019 is expected to be no different as the sector continues to be redefined by cutting-edge technology. Fintech is a term that refers to advanced forms of technology in the financial sector. The financial industry has been one of the fastest growing pillars of the economy in all parts of the world, and this has largely been attributed to the commendable milestones achieved in both the tech and financial fields.Below are five key trends in the fintech sector today. Conventional Banking Has EvolvedInitially, the relationship between banks and fintech companies was purely based on their competitive nature. Banks perceived fintech firms as competition bent on wiping them out. Today, banks have embraced financial technology and are at the forefront of growing the sector. Mergers have also been formed between banks and fintech companies such as PayPal, Skrill, Apple Pay, and many more. The objective of most fintech companies is to channel their technology towards meeting the needs of the consumers rather than the companies themselves, which has resulted in major improvements in the banking sector. It is now possible to access banking services right from your home or on a bus, all thanks to technological advancements in the financial sector.The Blockchain Technology PenetrationThe rise of blockchain is being experienced in a number of sectors, but perhaps the most popular product of this technology is cryptocurrency. In fact, to many, blockchain is a "twin" to Bitcoin since they were established at almost the same time.While the cryptocurrency sector has been troubled in recent times, blockchain is here to stay and is expected to shape the financial sector even further. Today, banks around the world have incorporated blockchain technology in their operations to benefit from its dynamic functions including high transaction speeds, improved transactions credibility, increased security, and much more. Grupo Santander, the largest Spanish banking group and also one of the market leaders in the UK, has been one of the pioneers in the implementation of the blockchain technology in banks. One such system implemented by the group is One Pay FX, meant to optimize payments between South America and Europe.By Megan Arevalo, Community Manager, Carsurance5 Popular Fintech Trends in 2019Megan Arevalo
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