Here are ” 35 #FinTech Predictions for 2018 – By #PiyushSinghFintech ” . Please add more and let us discuss this. While few of them are India specific but most of them can be applicable in other parts of the world too.
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1. Bitcoin will get regulated by Government, at least in India, prices will stabilise
2. Blockchain will have more use cases and we will see many on-ground executions
3. B2B, SME & Individual Loan will get digitise, smooth and will have much lesser legs of transactions through FinTech platforms, though interest rates will be on bit higher side.
4. Open Banking will start to emerge and will witness few Early Adopters, Banks will start to become Warehouse of Banking services
5. Few banks will bounce back with new technologies and will compete with FinTech companies, in Lending and Investment
6. UPI 2.0 will have many use cases and will facilitate transactions and mostly lending. More FinTechs will create products and use cases around it
7. Aadhar Act will be revised and will have many changes to create a more secured network
8. E-KYC will be used by many other industries apart from Financial Services and will have wider use
9. PPI wallets will continue to lose its sheen and will get limited to migrant money transfers but with fierce competition from Payment Banks, including Post Office
10. Payment Banks will player bigger role in Money Transfer and will become BC to different banks
11. Banks will expose more APIs to FinTech companies for Innovation and Widen their reach
12. Margins will go down but Volume of transactions will increase
13. #SamsungPay will open its payment architecture for their low price Smart Phones too may be with different system or by directly integrating with banks.
14. Tap & Pay, UPI, QR code based Payments and Purchases will go up considerably
15. Many Smart phone manufacturers will launch their Mobile wallets similar to Samsung Pay , Apple Pay etc but few will dominate
16. Whats App will try to become We Chat of India and will see increased use for QR code based payments and transfers
17. Many other chat messengers will launch similar to whats app model, and will try to ride on UPI model but only 2-3 will dominate, others will crawl.
18. India will attract more funding in FinTech domain from Amazon, Google, Facebook, PayPal, Microsoft, Alibaba. And many new investors will have their first investment in India.
19. Apple will find it tough to break their Status Quo and will not be comfortable to scale up the adoption of Apple Pay in India, due to pricing and payment acceptance infrastructure, unless they tie-up with any hardware company or simplify acceptance like Samsung pay. Which I believe will be tough.
20. #InsureTech & #HealthTech will rise and will have better relation with FinTech to drive adoption and use, it will also see more innovative and small value insurance being floated
21. Investment in market will get simplified through platforms like PayTm and other similar players. Many new players to come in Investment space for Small Retail Investors
22. Cashless transactions will go up and will witness more adoption in Smaller cities and Tier 2 onwards
23. Biggies like Amazon, Facebook, Goog;e, PayTm will focus more on smaller towns to increase technology adoption and will venture in #Financial Services Delivery. I can imagine to a level of them being an aggregator of different banks and will sell their Products and Services through their Platform
24. IoTs, Artificial Intelligence, ChatBots will grow bigger and will have more on ground execution and wider adoption
25. Many small banks will get merged with Big banks. And few Payment Banks to get converted to Small Finance Banks.
26. Cash transactions will become costlier at ATM, Banks, and also at Business Correspondent (BC) points
27. Governments to push more for Cashless Economy
28. #NPCI will come up with more innovative products to simplify transactions. #VISA and #Mastercard to innovate more on their product, their margins will get squeezed but volumes will increase
29. Sell Out/Mergers of small FinTech companies. Banks will be among few buyers of such FinTech companies
30. Bharat Bill Payment System (BBPS) will have more billers on its platforms, Insurance companies to be next on boarded on it.
31. Mobile banking will grow and will have more acceptance over traditional banking
32. Television/DTH Companies will become smarter to integrate payment services and QR code purchase will be the next big thing there
33. Basic Financial Literacy & FinTech to be part of Many Schools and colleges (Graduate and MBA)
34. Downsizing in Financial Services Industry, most of things will get automated and people will need to upskill themselves to survive. Repetitive works will get automated, soft skills will become more niche and specialised
35. EduTech to play bigger role to drive FinTech adoption and will attract more funding.
These are my 35 Predictions for FinTech in 2018. Please add more and let us discuss these.
FinTech predictions 2018 by #PiyushSinghFinTech