A few weeks ago, the last page in our calendars has been turned and we’re now facing a new year. This calls for a lot of excitement as we are looking into a decade full of opportunities and groundbreaking inventions. We have gazed into the crystal ball and have a few 2020 Tech and FinTech predictions to share.
AI as a megatrend
Let us start with what we believe will be the most hyped trend of 2020: A so-called megatrend. It will be Artificial Intelligence (AI). As a concept and technology, it is not new, but the way we approach it and how it is offered in 2020, will be a new.
AI is one of the most groundbreaking Tech inventions in our time and many companies have already started to explore what the technology and its usage can do. In 2020 the number of companies that will experiment with and implement AI will rise significantly. The reason for that, is that we will see new delivery models for the technology. Like many other inventions, it will eventually be available for everyone and not only those who are able to afford the investment. AI will be for everyone. It will be: AI-as-a-service.
The increased focus and attention to AI will result in the development of new solutions that are more accessible and useful to a much broader audience. Probably, AI will reach a level of accessibility in which we will be able to just “plug-and-play” the type of AI software that we need to carry out a specific task for us. We have advocated for this approach in other contexts, e.g. through Gig tools and Best-of-Breed software. The megatrend of 2020 is in line with these views and in the future, AI-as-a-service will be subject to a lot of buzz in the Tech and FinTech world.
Robots will be utilized in new ways
In relation to the previous, we predict that companies will reinvent the ways that they are utilizing office robots (RPA) in 2020. We believe that the use of RPA has reached a stage where companies, rather than automating a complete process, will start implementing RPA to handle a subtask or a subprocess. This will result in humans and robots working alongside each other – with humans handling and focusing on the value adding and complex tasks and the robot handling the more repetitive tasks.
This will probably also mean that companies will focus on using customized RPA solutions in client cases or matrix projects. Meaning that the robot will only be a part of the job if it adds value or fulfil a client’s need to execute a specific rule-based and repetitive task. We believe that the way we apply RPA will change drastically in 2020 and that it will be a competitive factor in relation to the customer experience – maybe even to a greater extent than price.
UX in FinTech
Let’s recap and relate our predictions to our own field of operation; Expense Management and FinTech. Related to this, our presumption is, that we will see a combination of data analysis and automation combined with a personal touch or human involvement in 2020.
This does not mean that vendors of financial services or Expense Management will have to start acting like traditional banks. But the user of the service provided must have the experience of being serviced from their needs – every time, and maybe with the use of data. But still knowing that there are humans behind the service, humans that you can have a dialogue with. A dialogue that doesn’t need to take place on all platforms like we have heard much about for the last 10 years through the concept of omnichannel. But a seamless dialogue on the right platform at the right time.
This will create a sense of security and the solutions will look and feel like they are tailored to the specific user and create a unique experience. This will for sure also be a competitive factor in the future. Both in terms of clients and users of FinTech solutions.