Now we have 70+ demo corporations at this 12 months’s FinovateFall occasion, going down September 13 by means of 15 on-line and in-person in New York Metropolis. These demos, mixed with a full lineup of keynotes and panel discussions, will convey all kinds of themes. To get an thought of what’s trending this 12 months, we’re looking on the key themes repeated all through each the demos and the discussions.
For the demos, we’ve distilled the themes into 5 main classes, as outlined beneath.
At present’s knowledge discussions transcend the conversations of Massive Information that had been en vogue in 2015. This 12 months, knowledge is in all places; it touches all the pieces. Firms will probably be taking a look at how they might help collect, clear, and analyze knowledge; how they will place the client in command of their very own knowledge whereas permitting the agency to leverage client knowledge; and the way they will collaborate with others round knowledge. They may also be discussing particular use circumstances similar to receipt knowledge and pulling knowledge from paper paperwork. At this 12 months’s occasion, seemingly all the pieces is data-driven.
Fraud prevention & compliance
We are able to count on to see options to forestall monetary crime at just about each occasion. Fraud is ubiquitous in monetary providers as a result of dangerous actors persistently profit from it. This fintech sub-sector is repeatedly evolving as hackers turn out to be increasingly more crafty. And this 12 months, we’ve seen the addition of extra compliance instruments to help with rules and audits round fraud.
With the Delta variant in full power, we nonetheless haven’t entered a post-COVID world. Provided that our social distancing habits should persist, corporations are investing extra vitality in creating digital assistants. Irrespective of how you might really feel about chatbots, they’ve confirmed to be a viable option to talk with purchasers when in particular person discussions are not an choice. And this theme goes past chatbots. Digital assistants together with AI-powered name facilities and automatic buyer interactions of every kind are rising as much as assist take the burden off of customer support brokers throughout a time when in-branch conversations usually are not attainable.
One other byproduct of COVID’s aftermath, buyer engagement applied sciences proceed to be front-and-center on the minds of banks, fintechs, and (in fact) customers alike. As a result of a lot of our lives presently takes place on-line, clients now count on an enticing, customized buyer expertise.
One of many methods monetary companies are tackling this problem is by making a gamified consumer expertise. By taking wha sometimes is seen as a chore and making it into one thing enjoyable, clients are extra probably to make use of and return to an app or an internet expertise.
One other key to buyer engagement is, in fact, personalization. By leveraging knowledge to heart the consumer expertise across the buyer’s wants, fintechs and banks can guarantee to captivate their present consumer base and reign in new ones.
Monetary planning and investing
The roboadvisor craze of 2015 has matured, and has left various highly effective fintechs in its wake. That is due to elevated reputation mixed with enabling applied sciences of the brand new decade. In contrast to the primary wave of roboadvisory instruments, right now’s choices are likely to take a extra holistic and customized method. At this 12 months’s occasion, we’ll see instruments that have a look at customers’ monetary wellness as an entire, not simply their retirement financial savings.
One other distinction from early wealthtech instruments is that extra of right now’s choices are B2B as an alternative of strictly B2C. At FinovateFall 2021, we’ll see instruments that assist advisors create extra worth for his or her purchasers and merchandise for employers to assist their workforce construct higher monetary well being.
Notably absent from this checklist are two main themes I might have anticipated to see. The primary is Purchase Now, Pay Later (BNPL), the cost expertise that permits clients to pay for purchases in installments after receiving the product. Firms like Afterpay, Affirm, Klarna, and Sezzle have popularized BNPL, and lots of retailers and cost corporations alike have applied numerous variations of this mannequin. Given the seemingly viral nature of BNPL, it’s shocking that solely a single demo firm, Zeta, provides BNPL expertise.
The second lacking piece this 12 months is AI, which has been a high pattern for years. So how can discussions of such a pervasive theme be so absent? The reply is within the query; AI is so pervasive that it has now turn out to be desk stakes for each fintech sub-sector. In different phrases, AI has blended into the background. If companies need to compete and provide worthwhile services and products, they need to, at a minimal, be leveraging AI.
FinovateFall received’t simply be in regards to the demos. Now we have a powerful lineup of keynote audio system, panelists, and hearth chats to share a spread of views on right now’s hottest fintech matters. Whilst you’re on the occasion, preserve an eye fixed out for the next themes:
- Cybersecurity & monetary crime
- Monetary inclusion
- Open finance
- Wealth administration
- Digital transformation
- Sooner funds
- Buyer expertise
We’re so excited to return to New York this 12 months! We’ll see you both on-line or in particular person beginning September 13 at 8 a.m. Jap time and persevering with by means of the fifteenth. Guide your tickets right here.
Picture by Sam Moqadam on Unsplash