Is there a perfect FinTech Stack? What technology trends are in the biggest FinTech products in 2021?

Aleksandra Rajczyk

In 2021, FinTech startups start to move out of niche uses cases. The growth of financial technology has been developing rapidly over the last years and now it’s time for them to start operating at scale. What should you keep an eye on?

The FinTech market is now worth more than $30 billion so the stake is really high. However, what is the best way to continue growing? Are there any trends the biggest FinTech products follow these days? At BinarApps, we make sure to keep in touch with the world of e-finance. We closely monitor the current trends and try to predict which one of them will leave an actual impact in the future. 

FinTech industry trends in 2021

Here are the 6 top technology FinTech trends you should follow to stay up to date: 

1. Digital Account Opening and P2P Payments

It’s the third year in a row when the digital account opening has been the most popular technology in FinTech. About half of banks and credit unions declare they will add new or replace the old systems this year. Going digital is also connected with person-to-person payments. Around 30% of all FinTech institutions plan to select a new P2P payment tool in 2020. Around 40% want to modify their payment capabilities this year.

2. Changes in Mobile Payments

The mobile payment industry in FinTech has been developing quickly over the last few years. Mobile payments are instant, free and invisible which, from the consumer point of view, makes them much better than traditional payment methods. Mobile payments are a must if you want to keep developing as a FinTech startup. Fewer and fewer people rely on cash. Follow the industry leaders and see how profitable mobile payments can be, for both you and your customers.

3. Cloud Computing

A necessary step for FinTech companies that want to stay up to date with the latest technologies. AI adaptation, understood as a huge amount of data to process (data sources from partners, vendors, and third parties), will require enough space. Bringing the data in-house is not an option anymore. FinTech companies have to move to cloud computing in order to enhance their analytics capabilities. At this point, also RPA (robotic process automation) should be mentioned. Its impact on financial services is indisputable. 

Customer onboarding, security checks, data reporting, verification, risk assessment – these can all be handled by robots observing what humans do. Alongside RPA, AI development facilitates omnichannel integration to create a better-than-ever user experience.

4. Blockchain

Blockchain technology can ease many processes in the FinTech industry. The technology, a decentralized and distributed computer file, is a potential solution for fraud and identity theft. This is why more and more companies and institutions include blockchain technology in their daily operations. The trend will be still growing as that technology can save the industry from significant losses, mostly connected with fraud. How can Blockchain be used in FinTech products? Let’s start with digital payments, trading shares, and identity management – these are the basic uses of Blockchain technology. But this is a very beginning. Opportunities are just endless.

5. API

The technology has been already implemented by around 40% of all key FinTech players. API (application programming interface) is a computing interface enabling third parties to extend functionalities of particular software beyond its capabilities. When we talk about FinTech products, API is a chance for further personalization and agility in the fastest possible way.

It is worth noting that the PSD2 Directive obliges traditional banks to open their APIs to Third Party Providers – most FinTech initiatives fall under this category. BinarApps has been a part of creating the Polish Standard API. We observe that each month, the number of FinTech startups wanting to connect with banks’ API is only getting bigger. 

6. Chatbots

When it comes to communication and customer service, chatbots are the future. 10% of all companies have already implemented chatbots and much more are planning to make investments in such technology. Gartner claims that by the end of 2020 almost 90% of all banks and businesses will interact with customers using automotive solutions – chatbots. Customer service will operate much faster, productivity is also expected to grow. 

According to the latest research, chatbots used in FinTech can save up to 4 minutes on every interaction with a customer which looks really impressive. The service is available 24 hours, 7 days a week, responses to queries are instant and the whole communication is easier and smoother.

Read also: How to integrate with Polish banks – 7 helpful tips for Third-Party Providers


FinTech is probably the most rapidly developing industry in the world. The pace of change in FinTech has never been faster. The industry has become an epicenter for technology reinvention. This is why FinTech startups should give their best shots and absorb the latest technologies before they will be too common to use. Looking ahead, the above-mentioned trends are a natural way the development in FinTech heads at. Which one is the most necessary? Which one is the most innovative? We can help you decide. All of them will be soon absorbed by key FinTech players (if they haven’t been yet) so the more digital you are, the better. Talk to our innovation consultants and schedule a meeting.

For more information about FinTech we invite you to read our related articles:

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