5 key trends in the fintech industry

5 key trends in the fintech industry

Fintech is a rapidly growing industry. It develops and provides both, new solutions to customers and technology for financial institutions. What does the Polish fintech industry look like right now? What trends are currently key ones in this sector? Find answers to these and other questions in this paper.

What a fintech is?

Before presenting the key trends in the fintech industry, first it should be explained what the word means and how such companies operate. Fintech is an acronym based on the English phrase - financial technology, which is characteristic for companies that develop digital solutions related to the money circulation. Their hallmark is innovation and the fact that they do not have stationary branches serving customers. Hence, they operate online offering digital solutions. What else is characteristic for fintech companies? Worth of mentioning is, e.g., the specific business model that such companies adopt. It is based on provision of one specific service and, as a result, fintechs operate in the areas of online exchange, mobile payments or delivery of technology.

An issue worth emphasizing in the context of fintechs is certainly a flexible approach to communication with customers, i.e., a perfectly designed User Experience (customer experience) strategy. Thanks to this fact fintech companies have been growing rapidly and becoming a real competition for banks. This is possible thanks to solutions tailored to the individual needs of customers and the ability to flexibly modify the offer adjusting it to the current market situation. It is the flexibility, creativity and high dynamics that are the main strengths of fintechs, which have established themselves in the financial market in recent years.

Profile of the Polish fintech industry

Poland is a local leader in fintech solutions, as our country is home to the largest number of fintechs in Central and Eastern Europe. Their total number exceeds 300 and the industry includes both small companies and enterprises that have achieved international success, so that they are now recognized around the world. It is worth noting that the Polish fintech industry has been growing dynamically. It is evidenced by the fact that most of Polish fintechs were established in the last 3-5 years. What else makes them unique? First of all - diversity. Both in terms of the services offered and the operating model as they are Polish start-ups and enterprises that have grown really extensively. It is also worth noting that they not only offer services to end customers, but they also operate as technology suppliers to banks and financial institutions. Meanwhile, development of the industry is determined by trends that systematically appear on the market.

The dynamic development of the fintech industry is largely effect of competition between fintechs and financial institutions. As a result, these companies have been systematically creating solutions that are offered to customers. What are the current trends in the industry? Here are 5 key ones that are sure to influence the future of the finance sector.

Embedded banking

Embedded banking, or in Polish, literally, "sewn-in banking" is one of the most significant trends in fintech today. What is it? In this case the solution means additional banking or insurance services and products offered by companies that on a daily basis generally deal with something else. This enables them not only to attract new customers and thus, a source of income, but also to keep them for longer. As a rule, these companies usually cooperate with fintechs, which create specific solutions for them and support them on the way of offering such services to customers.


Fintechs are companies offering their own solutions to end customers, but they also cooperate with banks or other financial institutions. One of the most important levels in this case is cost optimization. It can be achieved by implementing virtual assistants or bot consultants. Such solutions are created by fintechs and the robo-consultants themselves are able not only to guarantee the highest quality of service, but also to make an impression one talks to a live human being. This is due to the artificial intelligence and machine learning. Big data, i.e. the processing of huge amounts of data, is also important in this case since it enables bots to predict future customer behavior and interact with them.


Cooperation between fintechs and financial institutions also includes provision of technology. This is mutually beneficial, as fintechs can establish and develop new solutions, while financial institutions or banks implement them into their systems via APIs. As a result, their offer expands to include innovative services, a trend confirmed by experts of X Open Hub, a fintech that provides technology to more than 100 companies in 30 countries around the world.

Fintech solutions in the B2B model have also gained popularity in recent years. Why? B2B start-ups significantly accelerate development of financial architectures of larger enterprises, frequently enabling combining innovative services with existing IT structures in an efficient and secure way due to the APIs. Comment by Sylwester Jezierski, Marketing Manager in X Open Hub."

Voice payments

One of the most significant trends in the fintech industry is implementation and development of voice assistants. As a result, it is possible to make payments based on the voice-controlled services. This is a very convenient solution, thanks to which it is also possible to check account balances or make traditional transfers. Voice payments are also a great convenience for blind people, who can thus be more independent.

Automation of processes

Fintechs are also making efforts to automate processes in the financial industry. They create solutions that enable, among other things, monitoring of payments or issuing preliminary (system) credit decisions. Result of these activities is not only reduction in operating costs, but also improved efficiency.

In conclusion, it should be said that the key current trends in the fintech sector contribute to development of this sector and moreover, to financial services sector as a whole. They also provide a basis for cooperation between fintech and the banking sector.

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