Fintech will have a positive impact on emerging markets in 2019. Emerging markets have few advantages like availability of low-cost human capital. Hence they will be able to provide much more fintech solutions at a competitive price. Moreover, they find it easier to switch over to new technologies and move on. Like developed economies, they do not invest huge amounts in one type of technology. Hence it is easier for them to adapt to changing technologies and move on.
Also, the emerging markets have numerous startups which can effectively take up small jobs. Hence outsourcing becomes easy.
In emerging markets, the consumer expectation grows. They do not look for mere products which facilitate financial inclusion. There are so many untapped resources and the consumers expect a wide range of financial products which cater to their credit needs too.
The emerging markets have more of traveling and working for the population. They prefer more access to financial services rather than access to banks or financial institutions. Hence they want to avail financial services without much hassle. Such a scenario helps leading video based KYC verification and biometrics verification easily penetrate the market. Hence the impact of fintech will be felt more in emerging economies. In fact, the emerging economies will be the reason for more innovations in fintech products.
Latest concepts like blockchain technology and cryptocurrency will achieve maximum growth only with the collaboration on emerging markets in development and innovation. No doubt fintech will create more employment and investment opportunities in the emerging markets in 2019. Emerging markets emphasize more need on data safety. Hence complete fintech solutions with safety features can be developed and implemented in emerging markets. They will prove to be innovation hubs and serve as centers of further growth and development. In return, they will help the less developed markets to grow.