The ways we make purchases and conduct our financial business are changing every day and will continue to change perpetually as technology evolves.

To better understand some of the top fintech trends ahead, we sat down with Il Sun Yoo, director of data engineering at Capital One — a company long known for its data-driven pioneering moves in financial services.

“At Capital One, we are focused on reimagining banking,” says Il Sun Yoo, Capital One’s director of data engineering. “We are innovating in a range of ways, incorporating design thinking for an empathetic customer-driven focus, leveraging big data to generate customer insights, and embracing the cloud to deliver digital products to market faster.”


As for what fintech trends are hot right now, Yoo referenced a recent survey that Capital One conducted at Money20/20, the world’s leading payments and financial services innovation event.

The survey included responses from executives in payments and financial services, investments, analysts, media, government and consulting services, as well as mobile, retail integrated commerce and marketing services.

Among the key findings:

1. Biometric security is going to be big

If you’re not already using your fingerprint to access devices or for security measures, you’re likely to be doing so pretty soon. This makes sense, since every person’s fingerprint is completely unique and nearly impossible to duplicate.


2. Same number of purchases, but with fewer cash payments

Cash used to be king, but as technology makes paperless billing more prevalent and convenient, you can expect to have more paperless payment options — and you can expect to make fewer trips to the ATM.

3. Big data will have a big impact

The ways we can gather and analyze big data are constantly improving and becoming more robust.

“Capital One has always been a data-driven company, so it was natural for Capital One to embrace big data technologies for application in the consumer banking space,” says Yoo.

4. Better financial advice will come your way faster

Yoo says that technology and automation are decreasing friction and cost, which means financial services can become “more and more democratized.”

“The ability to crunch more data, faster, will lead to improved financial health,” he says.

5. Social media shopping will become more prevalent

While relatively new, shopping via social media could quickly grow in popularity. In fact, 22% of those surveyed believe that by 2030, nearly half of holiday sales transactions will be completed via social media shopping.

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