Top 16 FinTech Disruption Points

How technology is changing finance, is one of the most interesting disruption themes to watch in 2016. 

FinTech will explode in 2016, #BigIdeas2016 assures us of this. Mobile payments, digital wallets, whatever you like to call them, they are here and here to stay. Retail banking trends point to an interesting convergence of technology and banking. Startups in financial technology (FinTech) are starting to truly make an impact, and in 2016 this will accelerate. 

1- Google Wallet, requires a phone with near field communication (NFC). Wave your phone instead of waving a credit card. 

2- Stripe, for devs. Developers use Stripe to integrate a payment system into their projects with Stripe's robust API. These unified APIs and tools are huge, for merchant accounts are then no longer required while you build your own payment forms. 

3- FinTech promises an app for every financial transaction or financial need imaginable: 

It's a beautiful world. Technology is digitizing how we deal with money and transactions. 

4- Mobile Payment Options 

There a plethora of options now on the table. See some reviews here. 

5- Venmo App, is that app you need among friends. Send money instantly, for free. I like the flexibility of this, get an account and send a link a bnak account, credit or debit to it. Must be both Venmo accounts, send money like writing an Email or even on a message via Facebook, Twitter of Foursquare. 

6- Optichannel Delivery: With nearly triple digit growth in mobile banking over the last few years, omnichannel customers now require seamless transactions. Optichannel is optimal channel delivery, with the rise of embedded banking experiences. 

Banking is going digital. Banks are competing for the best mobile customer experiences with other banks. Account-as-a-Service (AaaS) platforms are becoming the norm. This will move financial institutions towards a self-service option, where banking will become more automated and intelligent. The digital channels become primary and the physical locations secondary. 

7- Apple Pay: The day is not done without Apple getting in the way. It also uses (NFC) tech and allows in-store customers to pay by holding their iPhone or Apple Watch (and tapping the side-button) to a contactless reader. The widespread adoption is a huge boon for consumers. Mobile payments from wearable devices is par for the course in 2016. 

8- Dwolla. The ideal way to move money. I like the idea of PayPal having actual competitors. You can transfer funds via email, phone, Facebook, LinkedIn or Twitter. There are no fees for transactions less than %$10 and only $0.25 per transactions over 10$. 

9- Seamless Mobile Payment Systems (SMPS) will rise in 2016, as mobile payments really give consumers more speed and convenience in making transactions. 

10- Amazon Payments. A better buying experience. Use Amazon's API and send money via ACH (automated clearing house). Since an Amazon account is quite popular, all your important info is already there ready to go. 

11- Future Trends: security, analytics and AI in Fintech will be big trends to watch in 2016. As Fintech presses Banks to innovative, some will make the grade while others won't. More Banks with open APIs and internal innovation labs will be the norm, while startups collaborate and disrupt with the financial institutions. 

12- A shift towards Automation in banking will accelerate in 2016. Machine learning will impact banking, reducing error rates, management of repeatable tasks, improve standardization, process workflow, reducing friction & reliance on multiple systems. With API's going more public, expect machine learning development towards AI to accelerate in some form.

13- Blockchain tech, IoT sensors and Authentication challenges provide new fuel and touchpoints for Fintech to disrupt or work with traditional banking and FSIs. This will likely result in the formation of new intelligent banks, the "challenger banks". 

14- Ecommerce will continue to evolve, as billions of people get access to the internet. 

15- FinTech will have an important enemy in its crusade to provide better anti-fraud protection. How to protect consumer assets from cunning fraudsters. 

16- FinTech will disrupt banks in one key area, Financial education. Teaching consumers how to better manage their assets and to make better financial decisions.