Five Trending Financial Services Research Topics To Watch In 2019

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The best advice and best service in financial services happens in real-time and is based on customer behavior, using principles of Big Data, mobility, and gamification. –

Brett King

Financial services is one industry that digitalization has taken by a storm. Money is no more in the form of paper, and banks have changed their brick and mortar style of functioning for the past 300 years. Since financial services and mainly banking are part and parcel of the seven billion people in the world, its trends will affect all their lives. Hence they should mainly focus on the digital transformation of their activities with the customer-centric attitude.
In this digital banking revolution, most of the financial service executives are product pushers than customer engagers. The future trends should incorporate both the digital skill of youngsters, along with the mentoring of the older generation. They should have custom analytics that is cognitive, predictive, and proactive to give the customers well-informed views about their financial affairs. Only with future trends being such an intimate provider of service to customers based on the digital footprint, the financial services can also make their money.

The necessities and objectives for the trending Financial Topics in 2019:

The trending financial services topics to watch in 2019 are the ones that incorporate the following among others:

• Cloud computing
• Open banking
• APIs or Application Programming Interfaces
• AI or Artificial Intelligence
• Cyber Security
•  Blockchain technology         

 The objectives of the trending financial service topics:

• Value-added digital financial services.
• To bring in cloud efficiencies to the core area of financial services.
• Transform from digital banking to open banking.
• Increase revenue by opening products and services to a broader ecosystem by using APIs.
•  Be ready for the PSD2 Regulatory Technical standards which are becoming mandatory for European banks from September 2019.
• Automating low-value tasks with the help of AI.
•   To overcome the challenges of Blockchain and utilize them for smart contracts, exchanging information and KYC initiatives.

If you are to write a dissertation on the trending financial service topics to watch in 2019, the above facts will be helpful to select them.

Trending financial service topics to watch in 2019:

The following five topics may be of interest to complete your thesis successfully: 1. GAFA approach

GAFA or the Google/Amazon/Facebook/Apple approach, which is leveraging insights and data obtained from financial services and individual organizations to boost the core business. It paves the way of innovation and serving a segment to SMEs (small and medium enterprise) and the needs of individual businesses. New mobile applications and voice-enabled gadgets should be part and parcel of financial services. They enable them to enhance delivery and contextual personalization. It makes the consumer be on the front and center to the financial services.

2. Predictive banking with AI

With the recent resurgence of AI in a dramatic way, the financial sectors can be benefited with predictive banking. It could be one of the best trending financial services topics to watch in 2019. It could put an end to collecting good information and waiting for customers to look at it. Rather it is now shown to change customers’ everyday behaviors, figures proactively, and insights contextually delivered. AI-driven predictive banking is possible than ever before of its easy availability. The other major reason is the real-time possibility to build predictive profiles of customers and members. It can be done now by consolidating internal and external rich data financially viable to deploy. With this, the financial services will not only know their customers but also provide valuable advice for the future.
Customer experience is another area that can benefit from enhanced data. The security and efficiency of customer transactions are the others to benefit. In place of the traditional rear-view-mirror perspective to customer communication, it can change to services deployed by Robo-advisers and AI-driven chatbots. Financial services provide the next-best-action by these AI tools as against the blind selling of financial products. The future trending financial topics will bring in the real innovation of financial services integrating the AI capability with the expanded services of open banking and connected services.
With virtual assistants working on behalf of the customer can eliminate the traditional financial products like checking, loans, payments, and others. The VRs on behalf of customers, find the best combination of solutions for each individual in real-time. Also, the financial services trends of 2019 will see the emergence of universal cash management solutions to address all the needs in integrated financial services.

3. Payment Innovative trends with IoT & PoS

Payments are one of the dynamic areas of financial services that provide a lot of opportunities for innovation. It continuously evolves by the changing consumer expectations driven by technological advances. It will hence move it from a series of specific products to part of all consumers do. The differentiation will be driven by data, technology, and delivery to transform the payment dynamics on how and where to pay and receive payments. IT will pave the way of new trends in financial services in conjunction with

• IoT (Internet of Things)
• PoS (Point of Sales)
• Mobile wallets
• Cryptocurrencies & Blockchain

4. Open banking APIs trend

The GPDR (General Data Protection Regulation) implementation last year and other various data regulatory bodies have made it possible for customers to share their data securely with third parties. It has powered a lot of financial services to increase competition. Also, the consumers have greater freedom and control by making the account and payment available through service APIs to interact with financial service providers. It leads to expanded banking ecosystems and betterment of customers’ lifestyle.
The open banking strategies place an increased emphasis on consumer value propositions. It means that without the improved value of the open banking consumer proposition, the customer will never share data. The financial services firms following this trend in 2019 to provide the best consumer value proposition will be the relationship winners.

5. Future innovation

With technology leaping in bounds, all the financial services have to stay ahead with their innovation in functioning. It is the only way to sustain and succeed in business with its difficulties like:

• To compete and grow where the margins are getting thinner every day
• To face the fierce competition
• Ever-changing regulations
• Rapid technology advances

Trending financial topics to watch in 2019 should be focusing on organizational cultural changes to support innovations that will have impact on increasingly outdated business models. Also, by anticipating the consumer needs, they have to prioritize the best combination of capabilities, processes, and people.
The above facts and five trending financial services topics topics to watch in 2019 will help to write dissertations for financial topics. Seek professional assistance for further queries on writing dissertations for the financial subject.

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