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At CloudMyBiz, we like to say that we speak the language of lending. We know how the industry works from the inside, and so, we are always keeping up with the trends and news in the Alternative Lending and FinTech. This allows us to keep abreast of new developments, better understand what our clients are experiencing and then better tailor and develop our solutions to meet the changes of the future.

Alternative Lending and FinTech have been growing by leaps and bounds in recent years. The industries move quick, and so staying on top of things is essential to keeping ahead of the competition.

There have been a number of articles written in recent months detailing the top FinTech trends of 2018 and, after reading our share of content, we wanted to share some of these trends in our own blog.

Interestingly (and not really surprising), many of these trends mimic the developments and growth that Salesforce is taking as well. So, we will not just be looking at the current trends in the industry, but also how Salesforce is enabling this growth, and providing companies with better tools and solutions to keep up with the trends.

So without further ado, our list of Top FinTech Trends of 2018

More and More Automation

Automation has come to just about every industry, and so it should be no surprise that FinTech is not an exception. For financial companies, increased automation means faster transactions and smarter processes. Interestingly, McKinsey & Company predict a second wave of automation in banking, that will increase capacity and free employees to focus on higher-value projects.

How Salesforce Enables Automation

Not much needs to be said here. Salesforce was built to bring companies streamlined processes and all around better functionality through automation. The idea has always been to empower administrators through “clicks-not-code”, so that smart workflows and automation can be built by anyone, regardless of any programming knowledge.

More Data. Better Data

Data and big data have been getting a ton of attention in the last few years. In regards to the finance industry, how data is collected and used is changing. Credit scores are no longer the only driving factor, as many creative loan options look at a large variety of factors to determine eligibility. Having access to large volumes and more precise metrics are changing the way financing is done

How Salesforce Enables Data

Reporting. Cough. Reporting. It shouldn’t be news to anyone that Salesforce routinely touts the power of their reports and dashboards to give users deeper insights into their data. And it’s for good reason. The reporting in Salesforce is robust, and when used properly, can provide valuable info on all sorts of important business metrics.  

In addition, with Salesforce’s ability to add on various apps, risk and decisioning tools can be integrated directly to your CRM. For example, FUNDINGO’s LexisNexis or Experian integrations give lenders, brokers and funders direct access to these online credit services.

Increasing Regulation

Finance is certainly one of the most regulated industries and as financial technology continues to change, financial regulations are constantly struggling to keep pace.

10 years ago, Bitcoin hadn’t even been invented, let alone understood in such a way as how to regulate it. As companies are relying on digital tools more and more to handle money, security concerns are just one of the things that come along with it. For the FinTech industry, more regulation by and large means that companies simply have to keep aware of what is happening, and do everything they can to remain compliant.

How Salesforce Handles Regulation

As a cloud-based system, Salesforce has always had to worry about regulation and security. Protecting sensitive customer data has always been essential, and with a Sales platform that can be used in just about any vertical, Salesforce has had to be ironclad to be used so broadly. How did they do it? Say hello to Salesforce Security and Salesforce Shield, which protect your data and help you remain compliant.

Blockchain and Bitcoins

Speaking of Bitcoin there could hardly be a discussion about new trends in finance without Blockchain. Yes, this year’s markets have been volatile, but regardless of how the individual coins fare in trading, the Blockchain technology is here to stay.

While we can’t really say how much blockchain will infiltrate financial systems, it does provide the opportunity for a more efficient and more secure way of doing business.

Because blockchain works in real time, and on an unchangeable digital ledger, both paper transactions, and large amounts of fraud can be avoided. Not only that, but wires and transfers will be less necessary. Bitcoin can clear and settle instantly, and with digital wallets, credit applications or funds queries can be run in real time.

How Salesforce Enables Blockchain

When you think Salesforce, you probably don’t immediately think blockchain. However, Salesforce has begun this year to get involved in blockchain to improve transportation. Then there is the AppExchange, which has something for just about everything out there, including a couple of Blockchain integrations for fund storage and transfer, such as PencilDATA and Blockchain Explorer.


Artificial Intelligence

What’s that? You didn’t know that robots are taking over the planet? Well its true, but not in an apocalyptic way. FinTech is in the early stages of investing and embracing AI where, according to a report by Econsultancy and Adobe, 20 percent of financial services organizations are already using AI, while 41 percent are planning to use it within the next 12 months.

For FinTech AI is set to do a number of things in the near future, including facilitating customer interactions with chatbots, offering financial advice based on customer’s habits and spending, detecting fraud and being able to automate data analysis tasks.

How Salesforce Handles AI

If you spent any time in the Salesforce network or blogosphere this year or last, you have definitely heard about Salesforce Einstein. Einstein was developed to plug directly into the heart of the CRM, and the AI analytics can then be applied to just about any of the clouds you or your team use. AI is getting better all the time, and so using it to guide your business might very well be one of the best investments you can make.

Everything Goes Mobile

Banking and financing ‘on-the-go’ is pretty much a given for the future. With the ever-increasing efficiency of our mobile technology, customers are going to expect to be able to do just about everything from their mobile devices. Currently, about 45% of banking customers use mobile payments while banking interactions on laptops and desktops are expected to decrease by 63% by 2022

So, for any company in the FinTech industry, providing quality mobile services will be more and more essential going forward, and those that get there first may win a lion’s share of potential customers.

Salesforce and Mobile Usage

For mobile CRM usage, there is Salesforce1. While it’s true that FinTech is going ever more technology-heavy, in particular with all sorts of mobile applications and devices, Salesforce is right there to keep pace. With a mobile version of your CRM, anyone who is routinely on the go, can continue working and remain plugged in no matter where you are.

Wrap Up

Keeping up with the latest trends in the industry is not just something we do for work, it’s also something we are genuinely interested in.

This is not just because we specialize in loan management solutions for Alternative Lending and Merchant Cash Advance industries, but also because many people on our team, used to work for Alternative Lenders. In fact, that’s how the idea of CloudMyBiz came to be, as our founder recognized a gap between the technology available on the market, and the systems that were commonly being used by lenders, brokers, and funders. So, where there is a gap, there is a need, and where there is a need, there is usually a solution.

And that solution as we see it, is Salesforce and our FUNDINGO Loan Management Solution.

-Ryan and the CloudMyBiz Team





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