Over the past decade, fintech has started to re-make the world of banking and finance. Financial technology is designed to update and improve the way financial companies deliver services to their customers. In 2019, fintech has continued to make big strides in a number of parts of the industry. This is expected to continue into 2020.

One big trend in fintech is the focus on millennial customers. Many millennials are still paying off their student loans. That cohort also got hit by the so-called Great Recession of 2008. As a result, they’re buying fewer houses than their parents’ generation did at the same age. There are plenty of startups emerging to help millennials start accumulating assets. Divvy makes rent-to-own possible. Goodly makes it easy for employers to help their staff pay down their student loans. And Flyhome makes it possible for would-be homeowners to make one cash payment, rather than 30 years of mortgage payments.

Fintech companies have also changed the way people approach their paychecks. Startups like Earnin offer cash-strapped people advances at much lower interest rates than traditional payday lenders. Most people receive their pay by direct deposit or deposit their check with an app through their phones. It’s unusual for people to go to a brick and mortar bank and deposit a paper check there. Banks are trying to make changes to appeal to the customers using these new startups. Traditionally, banks were able to count on consumers to deposit their whole paychecks. Today, that’s just not the case. It will be interesting to see what solutions banks develop to combat this issue and become a one-stop-shop for account holders.

There’s still a lot of investment in the fintech sector. Some of it comes from existing technology giants like Apple and Amazon. Venture capital has helped businesses like Robinhood start to change the way finance works as a whole. Robinhood emerged as a platform for fee-free stock trading. By eliminating fees and commissions, Robinhood made investing much more accessible for the average person. Now, the company is applying for a license to provide banking services like accepting deposits. It will be interesting to see how such an innovative, disruptive company changes the traditional world of banking services.