Top 5 financial trends in 2021
There is not a single trend in our world that will last forever. That’s great, because we need changes, and that’s the only way to improve things and move forward.
When we talk about finance, we have to keep in mind that change is much faster in this area than in any other. In order to grow and develop, a company simply has to look to the future and work on developing its technology. Many financial company executives agree that digital transformation is inevitable in our world. And, of course, at the moment when some payment methods will cease to be relevant, others, on the contrary, will gain a new wave of popularity.
We offer a glimpse into the near future right now and analyze a few interesting trends for 2021.
Financial automation and inevitable decentralization
In order to manage the finances of the company, specialists responsible for this area are required to be in the office at their desks. This has been the order of the day for years, but when the coronavirus swept the world in 2020, it became apparent that this model of financial management was no longer relevant.
In 2021, more and more companies are expected to start automating their financial management process and other areas of business, accessing resources at any time, day or night. The process of controlling financial activities will become incredibly simple. In addition to maximum convenience, it will also provide a high level of financial management security.
Increased popularity of fintech companies
If earlier people and companies trusted only banks with many payment functions and financial operations, today fintech companies are trusted at least as much. It is expected that in 2021, these companies will increasingly be trusted with payment automation, as well as payment processing.
Telecommuting will become a new long-term trend
While back in 2019 many employees were working in the office, in 2020 it appeared that they would have to adapt to the new format of working from home. It’s worth noting that remote work has come to many people’s liking. Its benefits were appreciated by both ordinary employees and managers of large companies that plan to follow a policy of working remotely for at least 1 week a month, even after the pandemic ended.
Of course, the remote format of work has its advantages, but the most important thing for the company is that such work is as effective as possible, even without total control of the management. For this to be the case, it is important to introduce modern tools and technology, ensuring that all employees have access to them.
No paper checks
It’s hard to believe such a thing, because many firms still use them, and some are not going to give them up in the future. The main advantage of paper checks is convenience and simplicity, because you only need to know the e-mail address and the name of the recipient in order to successfully send it.
Yet, despite the convenience, successful companies are thinking in terms of rationality, because if you compare the cost of completing a transaction using paper checks and electronic payments, it appears that the latter will cost companies $ 8 less.
The introduction of electronic payments on a large scale will enable companies to save $100 billion. At the same time, modern electronic payments are much safer and save users time while reducing costs. In this case, security also comes to the forefront, because if you look at the major banks, you will find that check transactions account for, little or no, about 47% of all fraudulent transactions. This situation definitely requires urgent changes.
Virtual cards are becoming more popular
If we look at the B2B sector, we find that it is virtual cards that have become increasingly popular. We expect this trend to continue in 2021. With virtual cards, not only will users be able to pay for purchases securely, but they will also benefit from each spend in the form of cashback, as well as enjoy interesting discounts and other benefits.
Of course, new trends and interesting opportunities await us in 2021. But one thing will remain unchanged – the importance of providing our clients with the most convenient ways of payment. Our company is already ready to take care of that.
