The Evolution of Financial Tech in 2016

David E. Mickey

Fintech is relentlessly shaping the future of financial services, transforming the presentation of financial services and impacting the legacy of financial institutions and fintech startups. 2016 has been a trademark year for the financial services industry, thanks to innovation and fierce idea creation.

  1. Financial Education 
    Businesses and consumers alike are becoming better educated about poor spending habits. Rather than helping consumers to make poor choices, financial institutions have elected to assist consumers: helping them make more informed decisions about savings, investment, and credit card spending.
  2. Financial Leadership
    PlanWise, NerdWallet, and similar companies are emboldening the public, helping them to accomplish finance goals, evaluate their financial status, and improve thoughtless habits. Increasing financial literacy challenges young consumers to educate themselves on the stipulations of taking and loans and how to address future debt.
  3. Compliance
    Increased regulation has developed in the face of advancing technology, past direction, and digital and traditional transactions. Trulioo is a prime example of solution-seeking companies that works to integrate transaction processing software and newly formed compliance directives.
  4. Information Protection
    The threat of fraud and identity theft is present, particularly as online shopping become a more present feature in the lives of web users. All users seek services that are quick and safe when purchasing online. Billions contribute to the online retail market, which is why Stripe, WePay, and Flint attempt to deliver safe consumer environments.
  5. Diverse Payment Options
    Global payments aren’t limited to cash or credit; and the world has advanced even beyond PayPal, direct deposit, and currency exchange. Consumers and business owners are benefitting from a plethora of financial tech solutions. Tipalti and Ephiphyte are leveraging Bitcoin, discounting transaction costs, and simplifying company usage of payment systems.
  6. Alternative Loan Options
    The lending market is changing, and consumers and business are looking to institutions beyond the bank to find small loans. Crowdfunding and firms like LendUp, LendFriend and SoFri are helping to connect the public with money to refinance loans, assist with student loans, and pay off one’s mortgage.
  7. Collections and Expediated Payments
    For many businesses, collections can be difficult, and it’s well known that money can get in the way of a good relationship. For that reason, InvoiceNinja offers solutions to small businesses hoping to collect outstanding debt. InvoiceNinja helps companies to increase monthly recurring revenue.
  8. Asset Management & Protection
    Even the tech savvy can fall victim to fraud. Banks, online payment, loan providers, and e-commerce have developed more advanced authentication tech to provide protection to consumers.  Unfortunately, digital crimes still occur, but new companies are being designed to address these challenges.
  9. Investment Accessibility
    Excess fees, hidden fees, and bad investment advice has sunk many investment firms. Nonetheless, Acorns, Wealthfront, Robinhood, and Addepar have helped to empower small investors and is fundamentally shifting the investment world. The investment community can use financial tech to access innovative solutions.


David E. Mickey is a financial executive based in Buffalo, New York, and he’s an Enterprise Sales Executive at Docupace Technologies. Please visit his websites to learn more: http://davidemickey.com; http://davidemickey.net/; and http://davidemickey.org/.