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Fintech 2:0 and what’s next for the banking industry

Over the last few decades, the continued evolution of fintech has disrupted traditional financial services with no sign of dying down. In fact, a new report from Money2020 highlights the emergence of Fintech 2:0 – the post Covid-19 developments of fintech.
Fintech 2-0 and what’s next for the banking industry

Assets & Central Bank Digital Currencies (CBDCs)

Across the world, several banks have been exploring digital currencies. According to the World Economic Forum, more than 40 global central banks have been investigating blockchain technology. Blockchain technology enables information recording in a reliable way which makes it impossible to be altered or hacked.

Digital currencies based on blockchain technology will increase security, transparency, and control. It will change the way we do payments online as they are token-based, which means that instead of transferring money across accounts, the transaction is already the settlement. CBDCs will be based on blockchain-based Cryptocurrencies such as Bitcoin and Ethereum.

Prediction: 5 out of 10 largest economies will have CBDCs.

Banking Technology (Tech Stacks)

Covid-19 has forced the banking industry to rethink and improve its core processes and operations. Processes had to be quickly digitalized and data accessed and updated in real-time. Since then, consumers have got used to remote and on-demand services. Now, the banking industry has the chance to get inspired by the progress in other industries, get rid of physical limitations, and become a more prevalent and immersive service by adopting cloud-based systems banking technology to continue being relevant and competitive. Open-source technologies have had limited adoption in financial services and provide an opportunity for the sector.

Prediction: the banking industry will adopt cloud-based technology stacks with mainly open-sourced core processing.

E-commerce experiences

By 2026, the total cost of global e-commerce transactions will be $6 trillion. It will be driven by a consumer value proposition shift from product assortments to personalized algorithms – with agent capabilities of purchasing, borrowing, and paying embedded inside. Super-agents are personalized cross-platform digital algorithms. Via AI and predictive analytics, these digital agents will combine current context with future plans and decide what to purchase with the consumer’s permission. By processing data from web bots, IoT devices, consumer behavior and preferences, they will use predictive algorithms to make purchase suggestions that will be tailored to the individual needs.

Prediction: 20% of online retail commerce transactions will be driven by personalized digital algorithms.


Data collection has developed from rudimentary analytics to artificial intelligence (AI) and now to Big data (large massive volume of data that can be used for addressing business problems). In the future, the industry will shift from Big Data and Good Data incentivized by consumer consciousness, regulations, and business profit. Good data, collected with the sole purpose of improving decision-making, will drive the most significant value creation. When a company has a good data strategy to collect, enrich and transform data aligned with the company goals, they can make a bigger impact.

Prediction: Data platforms will become the new operating system as the industry shifts from Big data and Good data.


Fintech will become crucial for the economy in the future. As economies continue to digitalize, the fintechs value proposition will become a must-have. The fintech industry seems to be following the trajectory of past industries and moving from the edge to the center stage – in five years, 30% of the top companies will be fintech.

Prediction: 3 out of the top 10 most successful companies will be fintechs.

About Inpay

Inpay is a Danish cross-border payments company, connecting businesses and their customers to a global banking network that helps them thrive. Since 2008, we’ve helped financial institutions, iGaming operators, corporates, NGOs and others move money to the right places quickly, easily and securely.  

Our smart technology, innovative products, robust compliance and 200 in-house experts from 45+ countries solve the sector’s most complex challenges with an industry-leading 99.5% payment success rate; processing over a million transactions a month. Regulated by the Danish FSA, we’ve been recognised as Denmark’s fastest-growing company, and Europe’s 6th fastest-growing fintech, with offices in Copenhagen, London and Dubai. 

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