As digitalization steers global businesses through the fast lane of the post-pandemic world, Financial technology has emerged as a crucial engine fueling digital advancement. It is not just a buzzword, rather it holds the capability to spur growth, improve operations and extend financial inclusion.
The coronavirus caused the pandemic that accelerated the large-scale adoption of this tech. It has been shaping sectors like banking and investment, but now we can feel its presence in other sectors as well. The need to evolve digitally during pandemic has acted as a golden opportunity for brands that are trying to pave their way into fintech.
Are you interested in learning more about this tech?
If yes, then you are at the right place.
Today, in this blog we would be exploring more about the upcoming trends and technologies in this particular domain to carve out an approach for the future. But first, let’s learn more about financial technology!
What Is Fintech?
Fintech is a balanced combination of two of the largest sectors into a single field- finance and technology. It is a synopsis of technology and finance that holds gargantuan power to transform the entire world. The idea behind this cutting-edge technology is to-
- Enhance business operations
- Improve delivery of financial services
Here is the list of some of the most popular types of fintech mobile apps-
- Automated investment applications
- Online payment apps
- Cryptocurrency-based portals
- Crowdfunding platforms
- Online lending businesses
Now without any further ado, let us look into the pool of upcoming trends and technologies in this domain.
Upcoming Fintech Trends You Must Know!
Let’s check out the upcoming FinTech trends that strike a perfect balance between innovation & demand.
Here’s the list of the most promising FinTech trends leading the digital revolution in 2021.
1. Biometric security system
The biometric security system is the optimal way to enhance the security system, and it also ensures the safety of users’ personal data.
2. Decentralized financing
DeFi is a peer-to-peer open financial network offering products without an intermediary.
Soon this tech will lead the race in preventing data fraud and identity theft cases.
4. 3D Printing
In financial technology, 3D printing is a budding trend to prevent card-present fraud in the event of ATMs & point-of-sale systems.
5. Big Data & Analytics
Big Data includes every type of data coming from users’ phones, tablets, laptops, PC, and other devices, and to make the usage of this RAW data, analytics come into force.
Here’s The List Of Some Influential Technologies In The Fintech Sector
Through thorough analysis of trends, ongoing projects, and innovations we were able to create an outline of the technologies that would be able to recharge fintech. Let’s dive in deeper!
1. AI, ML, and IoT
The use of Artificial Intelligence (AI) in fintech has been prominent for almost 5 years now. Machine Learning (ML) is also one of the key components of AI which is also largely used in financial technology. With the Internet of Things (IoT), it is possible to speed up the financial process both externally and internally. IoT connects financial databases to smartphones and permits the smooth transfer of data.
These techs can be used in-
- Risk management
- Fraud prevention
- Customer service
- Fund development prediction
- Quick data transfer
2. Regulatory technology
With the help of fintech, RegTech is managing to-
- Create automated solutions
- Conduct regulation monitoring
- Streamline reporting
- Maintain a high rate of compliance
But still, there is a colossal need for better solutions.
3. Robotic Process Automation (RPA)
RPA is the key technology to decrease the use of human resources for simple tasks. With the help of robotics, RPA finishes the task with the help of Graphical User Interface (GUI). Some of the common procedures are as follows-
- Controlling attachments and emails
- Summarising documents
- Gathering statistics
Wrapping It Up!
Considering the growing demands and rising technologies, change in finance is evident. Every year there is a new set of trends and technology that is set to revamp the complete sector. But success can only be guaranteed if those trends and tech are incorporated by brands in the most flawless manner.
Therefore, before investing in any process, you must determine all the related aspects like attracting customers or enhancing financial solutions. For an innovative fintech mobile app idea, it is mandatory that you contact the expert mobile app development company.
Drop your comments below and share your own views on Fintech, and for more such tech buzz stay tuned!