The previous post discusses a report by Mary Meeker on the implication of the 2019 internet trends for Fintech business. The first is the global penetration of internet and the second is the coming of new channels. A number of global digital payments have been around. They offer unique services to cater different needs. Take GrabPay as an example. The Singapore-based digital payment service has seen significant increase the last few years.
Another example is Uber, which recently announced its move in financial sector. Superapp channels like these are emerging and growing rapidly. It is not clear yet on how these products will buzz the market. However, many people predict that such superapps will shape the upcoming products in Fintech business.
Implications of the 2019 Internet Trends for Fintech
Based on Mary Meeker’s report, the following are more implications of the 2019 internet trends for Financial Technology businesses:
The 2019 Internet Trends will Shape the Coming Products
This is not surprising actually, but what kind of trends that will shape the next products in Fintech industry? The answer may include trends like freemeium subscriptions, personalized financial services, or private services. Such services allow the users to test the products and services before making a deal. They may also ask for custom features. Analysts are convinced that these are huge drivers for the next products in Fintech industry.
Mary Meeker’s cited such services in games (such as Fortnite), software, and consumer products. Meanwhile, Fintech app developers are experimenting the models. Of course, a number of new products and service expected to come. They mainly aim at improving the product interaction and customers’ experience in financial sector. The report shows that almost all customers prefer brands that offer personalized services. They are looking for personalized experiences in financial sector. Therefore, they are more likely to share data for these experiences.
Security and Privacy Concerns are Still Important
When data sharing is more common, security and privacy concerns are increasingly important. Experts predict that these remain important issues in Fintech industry in the coming few years. The 2019 internet trends report show that more than 50% of the customers are concerned about privacy issues, despite decrease from 64% according to the same survey conducted in 2014.
There has been much improvement in the security aspect of Fintech business, but it remains an issue. Increase in regulation contributes to the decrease in privacy issues. The same case applies for the increasing use of encryption. Yes, almost all of the traffic web is encrypted now.
Implication of the 2019 Internet Trends for Fintech: the Bottom Line
In conclusion, the report by Mary Meeker show that growing number of internet users, the coming of new players and new channels, and the trend of personalization and privacy are all shaping the landscape of Fintech industry. We still have to see which trends that will really shape the industry. One this is for sure: Financial Technology industry is thriving. All players in the industry are innovating to produce services that can easily access the customers at lower costs.