With innovations like online banking, P2P lending, chip-card transactions and cryptocurrencies, the financial industry has already come a long way. What’s in store over the next decade? Four ways that fintech is set to change in the next decade are widespread use of biometric identification, blockchain technology, robo-advisers and real-time payments. These changes will help financial companies improve security, efficiency and convenience for both themselves and customers.

Biometric Identification

Biometric identification involves granting access to a user based on unique characteristics like retina and iris patterns, fingerprints, voice waves, DNA, and hand geometry. Data security is a non-negotiable for anyone who wants to start a finance company. It’s important to keep the sensitive data of your customers safe. Biometrics can help address issues such as weak passwords, forgotten passwords, and data breaches. Thus, financial companies have begun incorporating it into their business models to improve data security.


Financial experts predict that blockchain technology will spread throughout the financial industry beyond cryptocurrencies in the next decade. A blockchain is a list of data linked together by cryptography. Its design makes the data less susceptible to tampering. Banks will begin using blockchain technology for recording transactions with greater accuracy and security. However, experts think it will be used among B2B transactions before B2C transactions.


Robo-advisers are starting to be used in the investment industry to manage customer investments with minimal human intervention. Benefits it provides to customers include lower fees, lower minimum requirements and immediate advice. Use of robo-advisers to provide financial advice for customers will vastly increase over the next decade until it’s considered commonplace. This technology uses algorithms and mathematical rules to deliver financial advice. Some people who have tried robo-advisers found them effective in successfully managing and growing their money.

Real-time Payments (RTP)

Payment processing that takes around three business days will become a thing of the past over the next decade. It’s possible for payments to show up ready for use in your bank account either immediately or within a few minutes. Real-time payments will help people improve their cash flow and avoid overdrafts. They can help prevent the problems that unexpected delays cause as well.

Fintech is going to change in several exciting ways over the next decade that will be beneficial for both consumers and businesses. Everyone benefits when payments are processed immediately via real-time payments. Security of financial data will improve as well thanks to biometric identification and blockchain technology.