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What is the biggest trend in fintech and financial services? The answer at the most recent Virtual Investor Conference hosted by OTC Markets Group was faster speeds and more personalization.
In the wake of the 2020 lockdowns, businesses and consumers changed their habits and expectations. Whether they wanted to or not, businesses were forced to embrace digital processes to continue serving customers.
The pandemic-driven shifts come against a backdrop of a trend in consumer expectations for faster and more personalized service. The fintech and banking sectors have recognized this and are adjusting accordingly.
Banks Get Personal
At the FinTech & Financial Services Virtual Investor Conference, banks like Alpine Banks of Colorado (OTCQX:ALPIB) and Commerce West Bank (OTCQX:CWBK) shared how they have been working to personalize and digitize their services to retain customers.
These banks are breaking the mold of what a traditional bank offers by providing consulting services for business clients, customizing service or product structures to each client, offering digital tools that can be personalized to fit the needs of each client.
Innovations such as these challenge the conventional narrative that economies of scale are the only way to increase efficiencies and profits as a bank. With many businesses and individuals becoming fed up with poor service from big banks these innovative regional players have an opportunity to capture clients with a faster and more personalized offering.
Decentralizing = Speed
The conference also included decentralized banks such as Intellabridge Technology Corp. (OTCQB:CRBTF) are entirely flipping the script on what we know as banking. These companies are embracing decentralized blockchain protocols that will allow them to scale everything from banking capabilities to the facilitation of payments.
Intellabridge shared how it is building out traditional banking services on completely decentralized blockchain technology. Its banking system, Kash, will soon go live and offer the traditional features of a bank like checking accounts, savings accounts, investment accounts, and debit cards. However, it will be entirely built on stable coin and blockchain technology, giving its users near-instantaneous and seamless transaction and transfer speed.
Someone Has to Build It
Enabling this speedy personalized trend in finance requires a host of other companies committed to creating the infrastructure that financial service companies require. The conference featured such companies like TAAL Distributed Information Technologies Inc. (OTCQX:TAALF) and LQwD FinTech Corp. (OTCQB:LQWDF), both of which are building proprietary solutions or contributing to open-source protocols that are paving the road for more innovation in financial services.
For investors and traders, the conference was a great way to understand the top trends in the fintech and financial services space and discover innovative companies that may be on the cutting edge of those trends.
If you are interested in upcoming conferences, you can find a calendar detailing future events on the Virtual Investor Conferences Site. You can also register for the next Virtual Investor Conference covering Small Cap Growth companies that will be held on October 7.