Marketing & Media trends
Industry trends
Finance trends
Women the winners as insurance gets personal
Siyamthanda Williams
Innovations in fintech
Daniel Goldberg
What will happen in the crypto space?
Marius Reitz
Mobile-first generation is driving the financial services industry
Berniece Hieckmann
5 ways tech is changing insurance
Travys Wilkens
SA's year for digital payments?
Rutendo Hlatshwayo
What to expect from SA's banking sector towards 2035
Ruellyn Willemse-Snyman
5 trends reshaping wealth management
Andrew Möller
Millennials and green investing
Daniel Kibel
Agriculture trends
Construction & Engineering trends
5 key architectural and sustainable initiative trends
Bouwer Serfontein
Pioneering immersive design
Emily Clark
Africa's new wave architecture
Chris Malan
Route to water prosperity - new perspectives for 2020
Dhesigen Naidoo
New technologies to power smart cities
Taru Madangombe
CSI & Sustainability trends
3 trends in responsible business
Zyaan Davids Anter
Technologies and tactics in curbing wildlife poaching
Nicholus Funda
SA's transition to a cleaner, greener economy
Ntombifuthi Ntuli
Time for the NPO sector to ask tough questions
Nazeema Mohamed
Simple tech in M&E for non-profits
Anja Mulder
Education trends
Energy & Mining trends
Entrepreneurship trends
Healthcare trends
Global health challenges and how to change them
Stephanie Allen
Diagnosing SA's healthcare sector
Madelein Barkhuizen
The future of healthcare is now
Lerato Mosiah
HR & Management trends
Reward and remuneration trends in Africa for 2020
Nicol Mullins
The evolving role of HR as a strategic partner
Sandra Crous
ICT trends
5 trends in AR & VR to watch in 2020
Jade Duckitt
Legal trends
Directors' personal exposure will increase in 2020
Patrick Bracher
The future of flying drones in South Africa
Kiasha Nagiah
South Africa - challenges and opportunities in the year ahead
Morne van der Merwe and Wildu du Plessis
An optimistic forecast
Athi Jara
Lifestyle trends
4 wine trends to look out for in 2020
Kristen Duff and Gosia Young
Digital arts - a viewfinder into culture in 2020
Lauren Fletcher
Logistics & Transport trends
Marketing & Media trends
4 PR business trends you can expect in 2020
Mimi Kalinda
Huge business and investment momentum in Africa
Graham Deneys
Property trends
The century of the real estate A(I)gent
Louise de Beer
Top 2020 SA property market trends
Crispin Inglis
Where building security and technology meet
Derek Lategan
Female leadership in SA's property sector needs to be prioritised
Nonhlanhla Mayisela
3 technology trends shaping the property industry
Tanja Lategan
SA retail favours the bold
Nomzamo Radebe
Home décor trends for summer 2019/2020
Elize van der Berg
7 shifts in retail attraction
Gavin Jones
3 key trends shaping Africa's property sector
Gerhard Zeelie
Retail trends
SA trends for brick and mortar stores - the present and the future
Beate Stiehler-Mulder and Mariëtte Frazer
Tourism trends
Finance jobs
- Management Accountant Cape Town
- Chartered Accountant Johannesburg
- Article Clerk - Accounting Johannesburg
- Invoice Clerk Cape Town
- Credit Admin Johannesburg
- Financial Administration Graduate Johannesburg
- Junior Marketing Coordinator - Financial Services Cape Town
- Bookkeeper Durban
- Creditors Clerk/PA Durban
- Debtors Clerk Durban
#BizTrends2020: Innovations in fintech
Fintech is changing customers' experience and expectations by promoting a more client-centric and interactive approach to financial and banking services. As businesses continue to move trading records and documents onto the cloud, we will see them access other fintech products easily.
 Daniel Goldberg, CEO of Bridgement |
- Digital only banking
- More companies moving into fintech
- Joint ventures between banks and fintech
- Continued scepticism for cryptocurrency
- Rise of regtech
- Increase in digital security
- Open banking
We saw the launch of four local online banks in 2019: Bank Zero, Thyme Bank, Better Bank and Discovery Bank. Lowering the need for physical infrastructure and optimising processes, the newcomers will be able to run more cost effectively than traditional banks. Going forward into 2020, these banks will start to play an important role in the market. Their accessible services and apps built off the latest technology, will draw in a number of customers, even from incumbent banks.
The new year will see the continuation of big non-finance institutions moving into the fintech space. We’ve seen several big companies such as retail chains and the telcos moving into financial services by offering insurance and credit products. This trend will continue, with more retailers becoming active in this space going forward.
Based on international trends, we’ll start seeing banks partnering more deeply with fintech lenders to offer credit products to their customers. The digital banks will be able to seamlessly talk to the platforms used by fintech lenders, providing fully online processes with the quickest turnaround times to their customers.
The hesitation surrounding cryptocurrency is likely to remain as we enter 2020. Currently in South Africa there are no specific laws or regulations that address the use of virtual currencies. Due to their unregulated status, cryptocurrency cannot be classified as legal tender or a means of payment. Mass adoption will only occur once people become more familiar with and comfortable with cryptocurrency. As such, mass investment in Blockchain on the industry side has calmed down and is unlikely to pick up again in 2020.
The role of regtech is integral to the new online banks and digital lenders. By helping financial institutions onboard customers more easily through digital channels, they make it simpler to transact online. In terms of the impact of regtech on consumers and businesses, the application process and onboarding can be greatly simplified by banks, lenders and investors if they leverage the right solutions.
As we continue to transact and communicate more online, the risk for fraud and other cyber threats will only increase. On the fintech side there are a number of local startups helping companies avoid these new risks including EFT fraud and hacked accounts.
Although unlikely to come into effect this year, South Africa is set to follow the global trend of open banking. By opening their platforms to allow customers to more easily share their data, banks will enable customers to access a new wave of fintech services. This means businesses will experience more automation, better security and greater efficiencies with financial services.
About the author
Daniel Goldberg is the CEO of Bridgement.
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