# Fintech trends to look out for in 2019
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-03-07
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Top Fintech Trends in 2019: Expert Insights
Meta Description: Join Richard Litchfield, Head of Operations at Lending Works, as he delves into the top fintech trends shaping the industry this year. From automatic saving
URL: https://financedigest.com/fintech-trends-look-2019html

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_**Richard Litchfield** is Head of Operations at the peer-to-peer lending platform_ [_Lending Works_](https://www.lendingworks.co.uk/) _. Here, he explores some of the main trends you need to look out for in the fintech industry this year._

Most experts would say that financial technology really came into its own in 2018. In fact, it became so mainstream that Merriam Webster finally declared “fintech” an official word, giving it the definition of “products and companies that employ newly-developed digital and online technologies in the banking and financial services industries”.

Of course, as technology develops even further and an internet-savvy generation take more of an interest in their finances, we’re only [expecting the industry](https://www.financedigest.com/german-industrial-orders-slump-more-than-expected-in-august.html "German industrial orders slump more than expected in August") to grow from here. There’s a whole host of new [fintech trends](https://www.financedigest.com/fintech-trends-in-2022-whats-next-for-crypto-and-esg.html "Fintech trends in 2022: what’s next for crypto and ESG ") that are starting to emerge, and I’m going to highlight three of the biggest that you need to be looking out for over the next 12 months.

**Automatic saving and pay down apps and services**

At a time when a quarter of Brits have no savings and one in ten admit that they typically spend more than they earn each month (Skipton Building Society), most of us are looking for an easier [way to squirrel money](https://www.financedigest.com/five-ways-to-make-money-trading-bitcoin.html "Five Ways to Make Money Trading Bitcoin") away and pay off our debts. As a result of this, automated saving and pay down apps have become increasingly common in recent years, and more and more people are using this [technology to stay on top of their finances](https://www.financedigest.com/the-technologies-set-to-boost-the-finance-sector-in-2022.html "The technologies set to boost the finance sector in 2022"). In my opinion, this trend is only likely to continue.

One of the most common varieties are “round-up” apps, which divert the change from everyday purchases into a [savings account](https://www.financedigest.com/digitised-prize-linked-savings-accounts-how-it-can-encourage-better-financial-habits.html "Digitised prize-linked savings accounts: How it can encourage better financial habits"), investment account, or towards paying off any debts users might have. These apps essentially round your purchases up to the nearest pound so, if you spend £2.60 on a cup of coffee, 40p will be moved elsewhere. This makes it much easier for users to save, invest, or pay off their debts without even really noticing it.

**Voice banking**

In 2017, [Santander](https://www.santander.co.uk/uk/infodetail?p_p_id=W000_hidden_WAR_W000_hiddenportlet&p_p_lifecycle=1&p_p_state=normal&p_p_mode=view&p_p_col_id=column-2&p_p_col_pos=1&p_p_col_count=3&_W000_hidden_WAR_W000_hiddenportlet_javax.portlet.action=hiddenAction&_W000_hidden_WAR_W000_hiddenportlet_base.portlet.view=ILBDInitialView&_W000_hidden_WAR_W000_hiddenportlet_cid=1324582960727&_W000_hidden_WAR_W000_hiddenportlet_tipo=SANContent) became the first bank to launch voice-activated payments in the UK. Although users still have to log in to their [online banking](https://www.financedigest.com/online-banking-benefits-and-risks-of-managing-your-finances-online.html "Online banking: benefits and risks of managing your finances online") account with their passwords, they can then make payments, find out their current balance, and report a lost card, all by simply talking to their phones.

Later that year, Barclays went one further by rolling out Siri integration for voice payments, which means users don’t even have to be logged into their online banking app — they can simply speak to their phone’s [virtual assistant](https://www.financedigest.com/virtual-assistance-to-pave-the-way-for-pain-management-devices-market.html "Virtual assistance to pave the way for Pain Management Devices Market") to move money into an existing payee’s account.

Since 2017, there haven’t been many developments in this area. But, as the number of smart speakers in the UK is expected to grow by almost a third in 2019 ( [eMarketer](https://www.emarketer.com/content/amazon-echo-dominates-smart-speaker-market-in-the-uk)), it’s very likely that more banks will be looking to provide this service in the near future.

Digital-only banks will continue to [grow in popularity](https://www.financedigest.com/growing-popularity-of-horseback-riding-to-bolster-sales-of-hoof-boots-market-fact-mr-report.html "Growing Popularity of Horseback Riding to Bolster Sales of Hoof Boots Market: Fact.MR Report")

A range of digital-only [banks are already challenging the status quo and competing against traditional](https://www.financedigest.com/how-partnerships-between-fintech-start-ups-and-traditional-banks-herald-a-brave-new-world-of-opportunity.html "How partnerships between FinTech start-ups and traditional banks herald a brave new world of opportunity") high street leaders, but we’re expecting to see a lot more of this in 2019.

So, who are the current front-runners and what are they offering their customers? Atom is the digital-only bank that most people will have heard of, and they specialise in savings accounts as well as mortgages. Monzo is a similar platform that is particularly popular among millennials, and it works on an app-only model. Perhaps the biggest benefit of banking with an online-only platform is that the overheads tend to be much lower for these companies, which means they can usually afford to offer [higher levels](https://www.financedigest.com/u-s-dollar-drifts-higher-yen-heads-toward-level-that-prompted-intervention.html "U.S. dollar drifts higher; yen heads toward level that prompted intervention") of interest on savings. They’re also tech-savvy by nature, which means their platforms and apps are very easy and quick to use.

Surprisingly, younger people are the least familiar with digital-only banks, as less than half (47%) of those [aged 18–24 have heard of a challenger bank](https://www.financedigest.com/how-fs-organisations-can-enter-the-new-age-in-digital-banking.html "How FS Organisations Can Enter The New Age in Digital Banking"). On the other hand, 64% of those aged 25–34 and 68% of Brits aged 35–44 are aware of at least one digital-only [banking platform](https://www.financedigest.com/fiat-republic-the-specialist-baas-platform-that-bridges-the-gap-between-web3-and-traditional-banks-announces-it-has-become-an-electronic-money-institution-emi-in-the-uk.html "Fiat Republic, the specialist BaaS platform that bridges the gap between web3 and traditional banks, announces it has become an Electronic Money Institution (EMI) in the UK."). But, we expect that all of these age groups will gain far more awareness of online [banking services](https://www.financedigest.com/the-gmp-cell-banking-service-market.html "The GMP Cell Banking Service Market") over the coming year.

**These are just some of the fintech trends that we expect to take off and continue to gain traction this year. And, if you want to stay on top of your finances and ensure you’re always making the best decisions for you, it’s important that you’re always keeping an eye out for the next big thing.**


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