Traditional financial services companies are very much eager to incorporate best practices from agile and more flexible Fintech startups. Banks and credit unions have started looking at the advantages of Fintech solutions, introducing innovation at a faster pace, digitizing core processes and making the most of their data with advanced analytics methods.
The good news is the end goal of most such changes is to make everything convenient and quick for the consumers. With the latest advancements in technology, we will be able to see more powerful mobile applications, voice-enabled gadgets, an investment app, contextual personalization and a lot more exciting innovations in the future.
Let’s have a look at the top 7 Fintech trends that will transform the financial industry in the coming years.
When it comes to financial services people choose to go digital more often as it is quite convenient and easy. The Fintech revolution is changing the way banks and payments companies deal with their customers. The next-generation payment methods that bypass banks and credit cards, technology-driven Fintech companies take the lead by providing customer-centric financial services.
With the growing range of fraud prevention tools that merchants implement in their checkout processes and systems are quite complicated and costly. The lack of seamless integration is a primary problem between card issues and merchants. The chargeback processes are broken because they are not designed to share actionable intelligence. This results in the card issuers and the merchants suffer from completely avoidable losses.
Zopa, Mintos, and Iuvo Group are good examples that provide financial services to individuals and businesses through the latest technologies. These companies provide their customers with personal experience through aggregated super apps. Super task-specific aggregated apps using PSD2, Open-banking, Machine Learning, and Artificial Intelligence (AI) provide their customers with higher returns on investments, a more accessible source of funding and a lower rate of interest.
Fintech solution providers are focusing on streamlining software engineers’ work. FinTech app developers now have a set of software libraries and services (APIs) that let the software experts focus more on the user experience. This is a huge win for the company itself as all products are based on standard services, libraries, and frameworks and have out-of-the-box automation, monitoring and security capabilities.
Financial technology has made it easier for anyone to be a merchant and receive payments online. If you have internet you can accept payments from your mobile phone. Most of the Fintech companies are processing billions of digital transactions every year. The gradual movement to the future of universal payment methods will alter relationships between merchants, customers, and payment intermediaries.
The Digitalization and transformation of our world introduced a new type of money called cryptocurrency. The evolution of cryptocurrencies is one of the Fintech trends that has an enormous impact on the financial industry. Block chain technology that underpins new cryptocurrencies like Bitcoin, Ethereum, and Litecoin opened the doors to endless opportunities. Cryptocurrency helps to reduce costs, improve efficiency and extend the reach of financial services.
Fintech companies are focusing on specific services that banks haven’t done yet and deliver them to the market with great ease. This allowed innovative Fintech companies to fill in the gap and bring new ideas to life. To shrink the cost and improve the volume, speed, and quality of customer information, financial services providers like Banks and Fintech companies are implementing machine learning and artificial intelligence (AI) to significantly improve the operational efficiency and reduce the processing costs.
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