Do you really think, anything can exist in today’s modern world for long without the back up of technology? Well, certainly an impossible thing. Technology has its irreplaceable importance, it makes things work faster and with better transparency. This is why every industry works on the deployment of every new possible advancement of technology. In a continuous search of faster and safer system, the financial service companies are looking forward towards FinTech. An amalgamation of Finance and Technology, the FinTech improves activity in finance. For instance, the use of smartphones for varied purposes like mobile banking, cryptocurrency and investing services.
The Current Trends in FinTech?
So much is going on in the technology driven finance industry. Innovations and new waves of change are in a mood to bring the high tides of futurism in the financial services. Many things are working together to add something unprecedented. Let us see what has come into the picture of current trends.
Blockchain – Oh, the ultimate game changer that relates its name with the buzz creating cryptcurrency, Bitcoin. It is a disruptive innovation that delivers and facilitates transparency and decreases the duration of financial transaction.
Next-generation banks – From 2018 the digital only financial intermediaries are coming into existence and they are sure to increase in 2019 and the coming years. The direct lenders are also not to miss on this aspect that has become one of the Bad Credits History preferences for the borrowers.
Mobile apps – User oriented financial apps show the potential impact of FinTech on the mobile realm. TECHNOLOGY HAS BECOME SO HANDY NOW!!
Chatbots – To facilitate virtual assistance in the apps of banks and all legal financial institutions. This means more user-friendly experience and assured feel of connectivity 24×7.
Cyber security – A strong system to prevent data infringement, cyber attacks. After all, people need some reasons to rely on fast FinTech market and guarantee of security is the best way to achieve that for the financial service companies.
2019 Looks Forward Towards These Things in FinTech
The advancement of FinTech is going to enhance with every passing day. This year, growth in certain fields of FinTech is there to expect.
Disruptive innovations in payments
Digital wallets and contactless payment tools have many reasons to reserve the importance in the world of paper money. This year is expected to see a rapid growth in digital financial transactions.
The brighter possibilities that include in this concern are –
- Sending and receiving payments
- Advanced payment services
- Enhancement in the infrastructure
- Unconventional user experience
Platforms as a service
See a better future of budget planning, payment processing, credit risk management, client service, billings in the financial sector.
The other major benefits of PaaS are –
- Quick product launch
- Environment’s adaptability
- Post-paid service
- Agile approach
- Database management
Complete automation of the key financial processes is among the latest advantages of the FinTech market. This brings a myriad of benefits some of them are here –
- High returns
- Faster product and service delivery
- Enhanced cross-selling
- Stronger financial health
- Higher customer satisfaction
This gift is for the start-ups that need a support system to stand strong in the shadow of industry giants. They can expand their network, can take feedback from customers, take participation exhibitions, relates events, and can run pre-launch tests. Now problem solved with the following significant features of FinTech incubators.
- IoT (Internet of Things)
- Mobile technologies
- Big data
- Advanced analytics
- Cloud computing
- Blockchain and cryptocurrency
Not to mention, the list is unstoppable as the level of utility FinTech creates in the finance market destined to bring promising changes. The other fields that are ‘work in progress’ category are – Business alliances, advanced credit models, cybersecurity and blockchain. Wait and watch, the end of this year has sure to get many more things to carry forward in 2020. Now is the time to move faster and achieve a ‘never before’ control and transparency in financial sector.