Best Software Product – Enterprise Solutions at 27th Annual HYSEA Innovation Summit
Best Prepaid Card Solutions at IAMAI India Digital Summit, 2019
Best Prepaid Card of the Year At the 7th Edition of Payments & Cards Summit 2019
  • Redeem Zaggle Propel Card
  • Manage Zaggle Cards
  • Buy Gift Cards
  • We are Hiring!
company_logo
  • no_image Login/Sign Up
  • Gift Card Deals Gift Card Deals
  • Redeem Zaggle Propel Card Redeem Zaggle Propel Card
  • Manage Zaggle Cards Manage Zaggle Cards
  • Propel Propel
    • Overview
    • Solution
    • Pricing
    • Support
  • Edge Edge
  • Save Save
    • Overview
    • About
    • Contact Us
  • Select Select
  • Corporate Corporate
  • Contact Us Contact Us
  • Contact Us Blog
  • Products
    • Zaggle Propel
    • Zaggle Edge
    • Zaggle Save
    • Zaggle Select
  • Company
    • About Us
    • Team
    • Careers
    • Press
    • Contact Us
  • Blog
  • Gift Card Deals
  • Corporate Solutions

  • Cart
  • Login/Sign Up
Menu
Zaggle Blog
  • Sample Page
Zaggle Blog

The 5 Latest Trends in FinTech Software

Posted on July 2, 2020

The coronavirus crisis is literally changing the way we transact, deal with, record, and use money. This emerging so-called ‘Low-Touch, High-Tech’ economy is literally driving enterprises to migrate their businesses online. Fintech development is poised not just to grow but to boom. If previously, both traditional companies and laid-back customers had reservations about innovations like digital banking, for example, the pandemic is quickly getting them off the fence. 

A lot of game-changing questions are getting asked these days. How do brick-and-mortar stores ensure their products are bought and paid for if they cannot even open their doors? How do employees get their pay if the automated teller machines (ATMs) around them are limited or, worse, shut down during the quarantine? Are there more secure ways to invest your hard-earned money, especially now that the stock market has been taking a nosedive? The answer to all these challenges is fintech software.

The 5 Trends in Fintech Software to Pay Close Attention To To

To grow your business beyond this crisis, these are the five latest trends in FinTech software development services that you might want to adopt:

  1. Digital banking

Digital banking simply means doing all your banking transactions online through your bank’s online portal. It removes the need for you to visit an actual bank, communicate with the bank teller, or even withdraw your money from the ATM. You can receive money from your clients, and pay your employees through the internet. You can check all the transactions that have been done within a period of time, and get a complete financial statement.

Digital banking can be accessed through a laptop in your home office, or your smartphone if you are outside doing those necessary groceries. The one attraction of digital banking is that it does reduce the risk of exposure to COVID-19. No need to sanitize your fingers after punching those ATM keys, and no more wondering if you caught the virus after spending hours in an enclosed air-conditioned bank lobby.

Digital banking also makes financial processes seamless for the many companies that are now transitioning to a work-at-home arrangement. Accountants can send salaries straight to the bank accounts of employees working at home. Sales managers and credit collection officers can process account receivables from clients without leaving their houses. (If your company is undergoing this transition right now, here are 11 tips how to make remote working work.)

  1. Digital reward cards

This trend was gaining traction before the pandemic and is expected to soar even higher during and after it. Digital reward cards contain a considerable amount of digital money that can be spent on certain shops. Although they are similar to credit cards, one advantage they provide companies is that they can be customized. The company issuing them to employees can put a cap on the expenditures, track the expenses, and prevent overspending while continuing to reward them for high performance.

Digital reward cards can also be a way to motivate staff to increase their productivity and remain loyal. Zaggle Propel is an excellent example. Its rewards platform helps you easily manage your employees and channel partner reward programs in a single, integrated system.

Productivity and employee engagement are critical to a company’s success, particularly during lean times. Every time a new campaign is launched, more rewards can be added as shopping options to the cards. The high-performing employee can then buy his favorite items from his preferred store after he delivers on the job.

That’s another advantage of digital reward cards. The employee can go straight to the grocery or the supermarket after work, without having to check the money in his wallet or pass through the ATM. It is very convenient shopping at a time when panicking buyers are emptying store shelves.

  1. Mobile apps

Mobile apps are related and similar to digital payment but are even more user-friendly. More and more users have realized their value now that they can only enter a grocery store or a hospital at high risk to themselves. But through a brand’s mobile app, they can simply order food delivery from a restaurant, or book an internet consultation with a doctor. Ride-sharing services like Uber were among the first to make this FinTech popular to the public. 

Expect the products and services to become more varied as we adjust to the new normal. Just click on your phone and you can hire a repairman to fix your damaged air conditioning unit, or enroll your son in a virtual university instead of sending him to the college campus.  The number of users is also expected to rise. Statista estimates that at least 69.4 million Americans will be using mobile payment apps just for the year 2020 alone.

  1. Personalization by using data

While not known to many, FinTech can also keep your business running by encouraging your customers to do repeat business with you. Its analytics capabilities merge with your marketing campaigns to make the shopping experience fun and rewarding. The data on those apps can track credit card and digital reward card usage, compiling critical information such as your customer’s spending capabilities, the things he buys, and how often he buys it. The insights and the information they yield can make your next marketing strategy more targeted, focused, and precise.

The best fintech companies use data analytics to understand their customers’ social behaviors, likes, and dislikes. Once you know the kind of approach that your customer wants, you can tailor your message to reach them at a very powerful persuasive level. They will see your product not as an option but as a must. Pretty soon, they will be clicking on the shopping cart.

  1. Blockchain and cryptocurrency

Mention cryptocurrency and the average user thinks of Bitcoin, Ether, or other digital currencies that can supposedly replace the cash economy. Still, they only make up a surface of the real revolutionary tech known as Blockchain. Blockchain is a digital system that allows the creation and sharing of transactions, but not their deletions. Smart contracts and payments can be made and seen by everyone, but they cannot be replaced, altered, tampered with, or hacked.  

To its champions, Blockchain takes the financial issues of trust and transparency to whole new levels. Security measures are heightened and risks like fraud are greatly reduced. The speed of transactions is also doubled, as payments are made and received without the costly use of a middle organization like a bank. 

FinTech experts also say that the Blockchain tech is just in its beginning stages and still has to be mined. Many investors are also looking at cryptocurrency as a fail-safe platform in case the coronavirus continues to make the economy tank. One study forecasts Blockchain’s global value to reach $14.3 billion by the year 2025, with a compounded annual growth rate of 47.3%.

The 5 Most Important Trends in Fintech Software in 2020 and Beyond

The pandemic unleashed a huge wake-up call to all players in the business industry. The old financial safety nets that were thought to be reliable could not withstand the onslaught of economic damage. Companies are pivoting to FinTech software because they offer solutions to unprecedented challenges, as well as a sanctuary against further devastation.

Take a look at the five latest trends in FinTech software that we discussed above. Study what you can adapt and use in the quickest yet most seamless way possible. Early adoption can mean survival now, and perhaps future growth despite the crisis later on.

Guest

5 thoughts on “The 5 Latest Trends in FinTech Software”

  1. Kishan says:
    July 22, 2020 at 7:02 pm

    Like!! Really appreciate you sharing this blog post.Really thank you! Keep writing.

    Reply
  2. Bhargav says:
    July 22, 2020 at 7:04 pm

    A big thank you for your article.

    Reply
  3. Rohan says:
    July 22, 2020 at 7:06 pm

    Good one! Interesting article over here. It’s pretty worth enough for me.

    Reply
  4. Shiva says:
    July 22, 2020 at 7:07 pm

    These are actually great ideas in concerning blogging.

    Reply
  5. sbonkaer says:
    February 24, 2021 at 5:18 pm

    Nice info. Great article. well written.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • 5 Key Pitfalls to Avoid for Building the Best in Your Channel Partnerships
  • Boost Employee Productivity with Expense Digitalisation
  • Effective Channel Partner Incentive Planning for the Pharma Industry
  • Going cashless to simplify employee expenses and payments
  • Tips to attract and retain the right channel partners

Recent Comments

  • Pavithra on How does Zaggle Gift Card Work?
  • Harold on How to Manage Petty Cash for Business Expenses
  • Kiara on 5 Common Mistakes in Expense Management
  • Margene on Peer to Peer Recognition Programs make Rewards and Recognition a Natural Process
  • John on Why Employee Engagement is a must have for any Organization?

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • February 2019
  • July 2018
  • December 2017
  • November 2017

Categories

  • Uncategorized

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
©2021 Zaggle Blog | Powered by SuperbThemes & WordPress

    Our Company

  • About Zaggle
  • Careers
  • Press
  • Partner with Us
  • Contact Us

    Customer Products

  • Gift Card Deals
  • Zaggle Cards

    Products

  • Zaggle Propel
  • Zaggle Edge
  • Zaggle Save
  • Zaggle Select

    Information

  • Grievance Policy
  • Refund Policy
  • Privacy Policy
  • Terms and Conditions
  • FAQs

    Download Zaggle App

  • no_image
Subscribe to get the best offers!

Copyright 2020 Zaggle Prepaid Ocean Services Pvt.Ltd.All rights reserved