The Fintech industry is completely focused on leveraging cutting-edge technology to make financial transactions more engaging for customers/users across channels. Following the trend of 2020, 2021 also saw plenty of innovations and transformations in the Financial Technology space. Analysts expect Fintech to showcase further exponential growth in 2022 as well.
Online brokerages and UPI payments are skyrocketing as we speak, especially since the pandemic. This mode of online payment helped people achieve remote and zero contact payments, thus ensuring health and convenience at the same time. Online businesses with rising market sizes like eCommerce and online casinos also started incorporating flexibility in payment modes to improve customer experience. Websites like VegasSlotsOnline are where players enjoy the casino experience from reputed sites and claim the best and latest bonuses in 2021. From eWallets to cryptocurrency, these websites ensure hassle-free payouts from sites approved by trusted gambling authorities.
The financial sector’s recent impetus has been towards providing the most customer-centric solutions. User experience is the critical parameter that will drive them to engage more with your financial applications.
The new-gen customer prefers speed, ease of access without making any compromises on security. Today, the younger generation loathes the idea of going to the bank, filling long documents, printing and signing them. Manual processes will soon get replaced entirely by automated financial processes. FinTech apps now include features like Optical Character Recognition (OCR) for document reading and data capture functionalities.
Big Data Management
Financial data comes in huge volumes and varieties – be it structured databases and unstructured file formats like documents and PDFs. FinTech solutions are expected to process such varied data, and the analytical component in them is expected to help derive data-driven insights for enterprises.
FinTech applications need to focus on data gathering, reliability, and swift processing for analytics to stand apart in the market.
Collaborations With Banks
Social isolation brought about by the pandemic forced banks and other financial institutions to rethink their customer collaboration strategies. It forced them to collaborate and partner with FinTech startups to find innovative ways to interact with existing customers and attract new ones. Banks would quickly need to find ways to operate with these third-party firms and devise data security measures in place.
It is up to FinTech firms to enable banks to reap benefits via technology adoption and provide dynamic upgrades based on market trends and demands.
Incorporating Artificial Intelligence and Machine Learning
The use of Artificial Intelligence in Banking has increased exponentially over the recent years, with claims stating that it could cut costs by 30% by 2030. FinTech firms are continuously researching the areas of AI that can prove helpful for banks and their customers. For instance, humanizing conversations via ChatBots, fraud detection to avoid Cyberattacks and document verifications, and other advanced additions that personalize the banking experience for customers.
AI and ML technologies have also helped law and order agencies tackle and prevent several Cybercrimes in recent times.
Blockchain has revolutionized financial transactions by proving to the global financial market that they are safe and trusted. Research analysts are regularly pulling out the incredible potential of how blockchains could disrupt the banking industry as a whole.
Over 48% of banking executives state that Blockchain will impact the banking sector with maximum intensity in 2022. The decentralized nature of this technology is the primary driver that is causing a wave of panic in the regulatory bodies. The added security element throughout the transaction phases ensures that Blockchain is meant to stay in the future.
The online shopping market has been growing leaps and bounds in the last two years. This rise in demand also brings hassle-free payment options into play. Major eCommerce players partner with FinTech firms to create custom portals and gateways to ensure their customers don’t leave their site due to payment constraints.
Smooth checkout is turning out to be a crucial parameter for eCommerce sales. This makes it pivotal for them to invest smartly in devising swift and effective payment processes and enhancing conversion rates.
People today want to enjoy the most convenient banking services from their mobile devices without needing to visit the bank. The proportion of bankers who prefer online banking over traditional banking is growing each day. The time has come for FinTech firms to showcase their prowess in the areas of AI, ML, Blockchain, and cybersecurity to attract banks into investing/partnering with them for custom solutions.
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