Fintech is booming up in lightning speed, with radical changes happening each day. It has become one of the most interesting and compelling areas of innovation in recent years. Fintech started to skyrocket in late 2000s -Advances in mobile technology, cloud computing, and big data have allowed for the development of a host of new applications and services that are shaking up the traditional financial services sector. This has led to increased competition and pressure on incumbent players, who are now having to scramble to keep up. In addition, there is also a lot of buzz around so-called “fintech unicorns” — startups that have achieved
There is no doubt that the fintech revolution is well and truly upon us. From startups to the world’s largest banks, everyone is exploring ways to harness new technology in order to create more efficient, user-friendly and innovative financial services. But what does the future hold for fintech? These transformations are crucial as they impact money, banking, payments
In this blog post, we take a look at 3 latest trends and innovation in fintech.
Fintech has branched to various comminuted Industries like Insurtech, Investtech, Wealthtech and more to come by the next decade.
The 3 major shifts of Fintech that gravitated towards the new world, we are gonna explore a briefly today is,
Blockchain, Cryptocurrency , NFT’s
The Majority of the world has built immense fascination around Blockchain, Cryptocurrency, NFT’s. As per a report by Business Insider Intelligence, there would be around 48% of banking representatives think that blockchain tech will have the biggest impact on banking in 2022 and future to come.
Blockchain technology has brought in the the decentralized finance minimizing the centralized age old process. It makes sure the information that has come through, is secured end to end, encrypted, with the minimum risk. Now, it’s also used for cross border secured payments.
Banks and other financial institutes are are planning their major investment goals in blockchain technology to enhance their internal procedures and to achieve minimal expenses.
RPA — Robotic Process Automation
The modern age software technology that is anyone can use to make their digital tasks easier. With RPA , the software users create efficient software robots that can learn and execute rule-based business process. This brilliant tech innovation is valued at $1.40 billion & estimated to pace up to $11 billion by 2027 as per Grand view research. These RPA bots get to interact and handle applications or systems like the humans with the only difference that it can work non-stop, faster with accuracy.
RPA can operate from customer service, Human resources, accounting, Financial services, Supply chain management and even health care.
It helps in saving costs, gives more productive employees, compliance with regulations and standards, work done with precision and more.
Artificial Intelligence and Machine Learning
AI ( Artificial Intelligence) & ML (Machine learning) are no longer unknown terms. They have boomed massively over the past few years, contributing immensely for fintech industries.
They have become great Virtual Assistants in Fintech’s from resolving customers queries, to assisting them through out. So there is a lot of time saved in those tasks for the employees, and they can concentrate on the rest.
AI & ML are bringing in terrific solutions and growths in fintech and many other industries.
Fintech is growing each day with emerging trends and yet more to come in the future that’s not far away. Though all these emerging trends are a boon to the future world, upskilling ourselves with the upcoming only would help the common survive. Let’s enjoy this metaverse world and grow along.