The events of 2020 forced every single industry to innovate, adapt, and fight to survive amidst a near-unprecedented level of disruption and uncertainty. And FinTech was certainly no exception.
While already known for its rapid innovation and creativity, the coronavirus pandemic accelerated many of the already emerging trends within this space. This blog series will serve as a temperature-check on several of the most pressing trends in FinTech in 2021 and share some insight on what it all means for organizations (and their need for top talent) going forward.
“Open-banking” is a phrase that has been echoed with increasing frequency over the past few years inside the walls of banks and fintechs. But for customers looking for this service, there hasn’t been any real destination to point them towards. Until now.
As financial literacy (more on this later) becomes more and more desirable and accessible among consumers, a growing number of people are looking for ways to smartly invest their money rather than let it sit in a traditional bank. Third-party financial institutions are rising to meet this demand by offering flexible high-income-generating investments, financial options for saving, and other services via open banking.
MoneyLion, a neobank with a mission to “change the financial path for every hard-working American,” is hard at work building a marketplace that, if successful, will create the closest thing to open banking to date by allowing a secure exchange of data across different institutions.
Per an article from American Banker, MoneyLion will soon invite partners and competitors to offer products within this marketplace, beginning with a partnership with Nationwide Insurance.
Expect this trend to become more and more prevalent, as a report from Accenture showed that 90% of financial chairmen believe that open banking can increase organic growth by 10%
If you’re looking to add the best fintech talent to your team and capitalize on 2021’s biggest trends, Martin Executive Recruiting has the expertise and network to connect you with your ideal hire. Get in touch today and learn what we can do for you.