How impatient are consumers today? Consider this: More than 1 in 5 reported having abandoned a financial transaction or opening an account because it would take too long, according to American Banker.
That frustration has played an enormous role in the development of fintech solutions for payments and banking, like direct deposits and mobile bill pay. But as widespread as those conveniences have become, the fintech revolution is just getting started. Within the next 12 months, an enormous change will supercharge the fintech industry—and create a wealth of opportunities for companies and individuals alike.
Speeding Along The Payments Highway
Analyzing where fintech is headed requires understanding where it’s come from. And 2008 was a pivotal moment. Since that recession, policymakers have paid close attention to the traditional financial ecosystem in an effort to make that community safer. Regulators pumped the banks full of capital and leaned heavily into compliance. It worked—to a degree.
That’s because compliance came with a trade-off: the sole use of legacy systems, which simply couldn’t satisfy customers and businesses, hungry for convenience and immediacy.