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What Products Will Appear in Fintech in the Near Future

What trends are in for the finance industry today, and what products may appear in the near future. We know the answers!

The pandemic gave a noticeable impetus to the abandonment of real money, and the emergence of the digital ruble will only accelerate the desire to pay without contact.

In 2020, many companies tried to distance themselves and change the customer experience in connection with the requirements of self-isolation. For example, there are contactless payment services at gas stations - when a person can pay for gas without leaving the car. In addition, not only banks but also PropTech have adjusted to the new realities - innovative solutions have appeared in real estate. Until last year, no one could have thought it would be possible to take out a loan to buy an apartment, insure it, or do a design project using AR from home in a few hours.

Voice interfaces and personal advisors

Over the past couple of years, large companies have begun to create voice assistants actively, and banks are no exception. Now many brands make assistants. They are awkward and funny, often respond inappropriately. But behind them is the future. It all depends on the amount of information loaded and the set of answers. First, the assistant should know the whole situation and see a lot. Then he will be able to propose the right solution quickly.

The trend towards using voice assistants has spawned the following ideas for new product ideas in the banking industry.

Independent voice advisor

Many financial advisors and app assistants are associated with specific financial structures - banks or ecosystem companies that created them and are interested in promoting their products. Unfortunately, this reduces the credibility and loyalty of their offerings. Therefore, an independent advisor is needed to aggregate the products of different banks and propose the most appropriate financial strategies.

Best version of yourself

Let's say the user has set himself to arrive at a specific lifestyle. The system itself will prepare suitable profiles of famous people for inspiration, create a trajectory for achieving a similar lifestyle, develop the necessary skills and abilities, and suggest the optimal financial behavior - the costs of education, medicine, and sports, investments.

Integration of financial services into micro-communities

Banking products can be tailored for specific professional, social groups, or people with a specific lifestyle. For example, you can offer comprehensive student loan packages at a reduced rate on a number of products in addition to education - summer vacations, fitness clubs, additional courses. Likewise, car owners will benefit from a loan package to purchase a car, garage, or parking space and a set of tires.

Cashback for viewing offers from banks and targeted advertising

The system can consider the viewing of ads, downloading applications, visiting sites and stores, and charging a certain percentage of the spending for the active consumption of ads, thereby encouraging the user.