The financial inclusion and Fintech trends defining 2019

Fintech innovation is disrupting the financial services landscape and forcing responsible finance organizations to adapt. The following financial inclusion and fintech trends will help define finance in 2019. Fintech is impacting financial services at an increasingly rapid rate, reaching every sector of the industry, including operations, regulation, and customer experience, among others. Global fintech investment rose an astounding 120 perfect from $50.8 billion in 2017, to $111.8 billion in 2018.

The World Bank’s Findex 2017 report also found that new technologies are making financial services and products available at unprecedented levels – particularly in emerging markets. In developing countries, bank account ownership alone reached 63 percent in 2017, up from 42 percent in 2011. Between 2014 and 2017, the number of unbanked people worldwide fell to 1.7 billion from 2.1 billion.

This growth in these markets is largely a digital phenomenon.

Mobile phones are becoming more accessible, prompting both fintechs and financial service providers to join forces and reach more people where they are via mobile mediums. But while account ownership has expanded, significant gaps in access remain, especially for women, rural residents, and other underserved communities.

As we approach the second half of 2019, responsible financial organizations will have to focus on leveraging digital technologies to close these remaining gaps.

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Source: The Financial Inclusion and Fintech Trends Defining 2019 | CEOWORLD magazine