Dive into the archives and the fintech timeline can be traced – in some cases – as far back as the early 1900s with other reports saying it started in the 60s.
In short, whatever the origin of the term, fintech has a long future ahead of it, as modern businesses always explore ways to work smarter, not harder, with the help of technology.
The massive adoption of fintech has resulted in the formation of dynamic new companies, as well as challengers and disruptors of “old-guard” financial services firms, each attempting to shake up the status quo.
Fintech has generated billions globally and has equipped accounting and finance professionals with tools – not only to get things done faster, but also to transform the way they think – encouraging a state of mind. digitally minded and thirsty to explore new ways to streamline operations.
Plus, today’s customers expect nothing less than fast, personalized, and easy-to-navigate service. They don’t want clunky systems that they can’t use, they want innovations that make their lives easier. So, for companies keen to scale with agility and question “what’s always been done”, how will fintech help them in the future?
Forward-thinking organizations will prioritize automation
The truth is, automation is nothing new. Like fintech, it has been around for decades and yet people still don’t know what it can do for their business, or if they can fully trust it to do a good job.
Smart technology is expected to enable organizations to prioritize projects, improve productivity and efficiency, and lighten overwhelming workloads.
And when they plug in automated solutions? They need to be programmed to perform mundane daily tasks in the background, 24/7.
This is where automated payments will come into their own over the next 10 years. Designed to automatically identify overdue and overdue invoices, as well as pay vendors, there’s no doubt that businesses will stop spending an extra minute chasing payments, automation will instead become their best friend – cutting back on costs. mundane tasks and leaving time to focus on strengthening customer relationships and prioritizing innovative projects.
Increase in technology in motion
No matter where someone is based, the lines between what mobile devices can do today and what a desktop does will disappear completely. And as businesses continue to embrace hybrid work, as well as flexible and remote models, people will expect to have solutions at their fingertips – regardless of time zone or location – so that they can continue to do their jobs and use technology in ways that improve their lives.
Audio-first technology has already transformed the way many people now communicate at home and in the office. Devices like Google Nest and Amazon Echo not only recognize simple commands, but they help people organize everything from their calendars to their shopping lists.
And along with the accessibility and inclusiveness benefits they present, these tools are expected to continue to evolve. From a business perspective, that means they can make sure they stay ahead of the game – because it won’t be long before they place orders and daily reminders like “Alexa, send emails.” Installment tips, ”“ send my monthly rent bills, ”“ how much have we spent on this project so far ”and“ cycle through payments ”will all be commonplace.
Legacy desktop software will be shelved
Much like floppy disks and Blu-ray DVDs, clunky systems with servers based in the corner of the room will be a distant memory. This is because people want technology to give them flexibility and efficiency.
For accounting professionals in particular, they no longer want to be hampered by non-agile, on-premise, or “fake cloud” software that is not only expensive to upgrade but complex to manage.
As an agile workforce seeks even greater efficiency and a way to manage overwhelming workloads to stay relevant in a rapidly changing world, organizations will soon move beyond legacy tools – if they haven’t already – and get started. to favor true avant-garde cloud solutions, intuitive and adapted to use.
The popularity of open banking will increase
Creating greater financial transparency is nothing new for financial technology companies, however, there are signs that the use of open banking will continue to grow in popularity.
This is because people want a simple and seamless setup between their software and the organizations they bank with. They need to feel responsible and take advantage of the best deals that are right for them, all in one place and without having to go to a physical location.
The blockchain bubble will not burst
Although it’s been around for years, there has been a recent surge in blockchain and smart contracts that continue to disrupt the fintech market.
While there are many skeptics who just don’t trust investing in something they can’t see, they are gaining momentum and should become the foundation of great economies.
And finally, the separation of organizational and government data will become blurred, so when it comes to sending an invoice, for example, the VAT return will automatically update on government systems.
In addition to closer ties, the fintech space will see more developments. Some come and go, but others will continue to revolutionize the way people personally manage their money and organizations manage cash flow. FinTech is all about disruption. When smoother processes, greater inoperability, and rich security features are constantly being rolled out, the question for business leaders is what will they invest in next?
Paul Sparkes, Commercial Director, implicit