2018 in FinTech - My take at trends to look out for 🚀

As some of you may know I started a new job in 2017, working in the FinTech industry.
This has been a wonderful opportunity for me to learn and develop. I myself am constantly amazed by the innovation we are seeing in this business and I am constantly amazed by the lack of innovation in the banks. Nevertheless, I have put together a few trends I think we will be seeing a lot more of in 2018. 🚀🚀🚀

AI

Yes, I know. You are properly already heard more than enough of AI or artificial intelligence. For me in 2017 I began to understand more and more why the hype around AI has been so massive.
AI will change how we work and how our customer interacts with our software/service. AI will help the user and make their life easier in many ways. BUT! For AI to be "AI" and actual intelligent, a lot of time coding has to go into it as well as a lot of trial and error. Development of AI is so long, and I think the reason we haven't seen much AI yet is due to the overwhelming amount of time needs to be put into development. The time spent on making AI may seem obvious for us, but developers are often pressed for time and must work on what brings value to the customer.

I totally expect AI being a bigger part of FinTech in 2018, but also other industries! Lookout for software/products which "learns" your patterns and habits. This may very well be AI.

Blockchain

Ohh yeaaah. Blockchain, I think the buzz word of November/December 2017 has been blockchain. For most people blockchain is completely new, but for us already in the community, blockchain has been technology just waiting to be implemented in the banks. Sadly, up until recent banks has been super conservative and hasn't done anything regarding utilizing the technology.

I think 2018 will be the year where we see business build more upon blockchain and not only small startup building their business around blockchain and cryptocurrencies (eg. exchanges). I look forward to seeing innovative use cases of blockchain and not only "ICO's" everywhere. Once the knowledge of blockchain is so widely spread as it has become in recent years, it is only a matter of time before people are starting to utilizing it in business.

For me personal I see lending/financing and insurance as the initial big markets to disrupt with blockchain. Lookout for cheap alternatives to lend money from the bank or new ways to buy insurance on your devices (eg. Smartphone, tablet computer).

Customer Success

Last, but definitely not least, I will mention customer success. I sure you are wondering why i mention customer success, but hear me out. As the FinTech industry focus on making your life smart, easier and more efficient, more and more products, services have to be smarter and more elaborate behind the surface. Often developers/engineers see their product as user friendly as can be, but the case is often the opposite. Developers is making software which is easy for other tech savy people and alike to use, but not the average person. Therefore, every good FinTech company needs a person or team to handle customer success.

Customer success is also more than just traditional customer support. Customer success needs to be proactive and educate their clients as well of taking care of support/problems. As consumers we are used to the idea of having somewhere to go to if we are having trouble, but FinTech(and SASS) in general needs to understand the power of educating and proactively help customers getting started. Once the flow of helping clients is setup, customer success needs to bring all the feedback and request back to the developers. This way a developer/engineer can make a much more customer centric product.

Who are FinTech companies here to serve?
The customer.
Always remember the customer, and don't make/produce a product or service that no one needs.

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Merry Christmas 🎅🏻 and happy new year 🎉 to everyone!