5 Must Know Fintech Trends For 2020
Innovation used to be the domain of large banks. Think ATMs, all-purpose credit cards and online banking. But the Great Recession and a more complex compliance landscape changed that.
Enter fintech startups.
Working in the same space as banks, alongside banks and even competing with banks, fintechs claimed the world of financial innovation as their own. And banks, hesitant to add even more complexity to an already complicated environment, conceded the innovation game to fintechs.
But times are changing, and banks – big and small – are stepping back onto the playing field. Large banks are building out robust, in-house teams with technology hires. Small banks are partnering with fintech startups. Thus, banks are reclaiming the innovation turf.
Can community banks and credit unions compete in the innovation game? Mirador Co-Founder and President Trevor Dryer thinks they can if they take time to understand the trends that inform when and how to take action. In his latest Forbes piece, Trevor explains five fintech trends – trends that he believes will shape the financial playing field in 2020 and beyond. And with annual planning season around the corner, now's the time to ready your institution for imminent change.
Trevor Dryer is a member of Forbes Finance Council and an advocate for small business lending and fintech. He regularly contributes think pieces about trending topics in the banking industry, improving access to capital and small business lending. Be sure to follow his contributor page.