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Fintech

Fintech

The year 2018 looks to be a crucial one for the entire blockchain ecosystem and distributed ledger technologies (DLT). Beyond the speculative rage that cryptocurrencies have ignited, this year is expected to bring a certain maturity to the market. Here are seven predictions from three BBVA experts regarding the challenges of the new decentralized economy, featured in the specialized news website Criptonoticias.

Fintech firms have taken advantage of the market opportunity offered by SMEs. Their formula consists of expanding the offering of financial products and services for this productive segment.

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Many sectors are already exploring the potential applications of Blockchain, a technology that according to experts could have an impact comparable to that of the internet. Beyond the famous cryptocurrencies, there is no longer any doubt that the uses of this technology can improve society, and several social enterprises are demonstrating it through interesting projects.

The new technologies, and their presence in everyday life, are radically changing the way we look at entertainment, social relationships and work. They have also created new professions that do not yet have a set educational pathway, such as videogame developer.

Garanti Bank’s online banking service was named second best in Europe by Forrester, one of the most influential research and advisory firms in the world. The Turkish bank also earned a best-in-class mention for facilitating daily banking operations, such as viewing recent transactions, checking account balances or moving money.

The strategic commitment of the most dynamic banks to digitization is played out in several areas: the competition for talent, new technologies, the creation of their own fintech companies, agreements with startups, etc. The success of this strategy, which aims to improve customer experience, cannot be measured in the short term.