2018 Predictions from COO of Xpress Money

2018 predictions from Sudhesh Giriyan, COO of Xpress Money:

• Africa may just have the first fully crypto-currency country

Following in the successful footsteps of M-Pesa in Kenya, there is a possibility that an African country may embrace crypto-currency as an official currency for their nation. Due to its convenience and protection, it could be an alternative to cash, particularly in the fight against fraud. The infrastructure within Africa lends itself to this development more so than anywhere else, the only question will be, which country will be the one to go for it first?

• Consumers to leave European banks in their droves as a result of PSD2

With PSD2 coming into force in January, opening up consumer data to new players, consumers will be left with more choice causing a ripple effect across the banking industry. If new players such as fintechs can enter the market, the focus will inevitably switch to the consumer experience, which the technology sector prides itself on. Banks will be forced to innovate more and open themselves up to the customer in order to retain their loyalty.

• Rise of the AI remittances

AI will most likely make its first real impact in the remittance world in 2018. This won’t be seen by the end consumer though, but rather within businesses as it speeds up innovation in the back end. It will free up businesses to dedicate more time to innovative measures that consumers will see and enhance the customer experience. Robots won’t be taking over, but they’ll be having the biggest impact they’ve ever had in the remittance world next year.