What new trends in finance could we see this year?

2020 is finally here and this means that all businesses in the UK will be planning ahead to make the most of the coming year. While there are many key areas you could focus on, financial management is certainly one of the most important. This not only extends to looking after your business accounts and cashflow but also getting a handle on what trends in finance your company could be affected by this year. By getting to grips with what many predict will shape 2020 in finance, you can get ahead of the curve and take full advantage of what could unfold over the next 12 months.

But what are the biggest trends in this area industry experts are predicting?

More businesses to use international money transfer sites

Many companies have a need to send money overseas and make international payments. This could be to buy stock, pay staff working abroad or a myriad of other reasons. In the past, many businesses would simply do this via their local bank. One financial trend that is set to grow in 2020 though is more firms using online money transfer sites to make international payments. For an idea of how sites like this work, check out OFX who are a reputable service many UK businesses trust. In simple terms, using a specialist service like this gives you access to better exchange rates, lower fees and super-quick transfer speeds.

Blockchain

Another big trend expected for 2020 around finance is the increasing use of Blockchain technology. This technology first came to light as the code which cryptocurrencies were built on but has grown since then. The secure and anonymous nature of Blockchain makes it ideal for use in the finance and fintech sectors. Expect to see more systems built on this next-gen tech to be developed during the year and many more businesses using them on their websites to facilitate payments – be that B2B or B2C. In terms of your own business, it may see a demand from consumers to use Blockchain tech on your own website when payments are being made.

Businesses to use Cloud-based apps more

As you would expect, technology in general plays a huge role in shaping some of the trends expected in the coming year. Many believe that Cloud-based apps which allow companies to manage their finances will be even more widely used as the year draws on. Popular examples of this are packages like Xero which have an app to allow you real-time access to your finances even when out of the office. It is also thought that more companies will branch out into investing to broaden their revenue streams and apps which offer portfolio management will be more widely used to aid this.

Finance set to have another interesting year

Keeping tabs on financial trends is always worthwhile from a business point of view. This is not only knowing how the various global financial markets are doing but also what hot topics could be worth getting up to speed with. If you are looking to find out what 2020 could bring in this regard, the above are certainly worth bearing in mind.