Fintech - It's Happening
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Fintech - It's Happening

The global fintech market was worth $127.66 billion in 2018, with a predicted?annual growth rate of ~25% until 2022, to $309.98 billion. It is still very small compared to the global financial services market and all signs are leading to continued robust demand.

?As of February 2021, there were?10,605 financial?technology (Fintech) startups in the Americans, making it the region with the most Fintech startups globally. In comparison, there were 9,311 such startups in the EMEA region (Europe, the Middle East, and Africa) and 6,129 in the Asia Pacific region. The most popular FinTech service to have been used was in?the banking and payments category, with 56% of users saying they have done so.

?There are four broad categories of users for fintech: 1) B2B for banks and 2) their business clients, and 3) B2C for small business,?and 4) consumers.

?Artificial Intelligence (AI) and Machine Learning (ML) are some of the most used technologies in fintech, offering the potential to play an even bigger role in the finance industry as developments continue. Some of the fintech applications of AI and ML include?credit scoring, fraud detection, regulatory compliance, and wealth management.

ai, rpa, robots, service, sales, support

?Data from customers and markets is of high value to fintech companies. Through large datasets, consumer preferences, spending habits, and investment behavior can be extracted and used to develop predictive analytics. As you may know, Predictive analytics identify how consumers are likely to behave using past information and a mathematical algorithm. The collected data also helps in formulating marketing strategies and fraud detection algorithms.

Robotic Process Automation (RPA) refers to the process of assigning manual, repetitive tasks to robotics instead of humans in order to streamline workflows in financial institutions. The most widespread applications of RPA in finance are:

  • Statistics and data collection
  • Regulatory compliance management
  • Communication and marketing through e-mails and chatbots
  • Transaction management

Blockchain technology is being adopted at a large scale in the financial industry, primarily due to its ability to securely store transaction records and other sensitive data. Each transaction is encrypted, and the chances of successful cyber-attacks are relatively low when blockchain technology is employed. Blockchain technology is also the backbone of many?cryptocurrencies.

Eight Problems Fintechs are facing today

1.????Security & Privacy??????

2. Data Collection and Analysis??????????

3. Blockchain Integration

4. Gov’t Compliance?????????

5. Lack of Mobile & Tech-savvy??????????????????

6. Acquiring, Retaining & Growing their Customers

7. User retention (churn)??

8. Providing a robust user experience

bpo, call center, customer, service, sales, support, kpi, csat

If you are experiencing challenges with any of the above delivery points. We live for this stuff and have been in the trenches so we know your pain. We've been helping businesses find their best solutions in an unbiased, unfiltered ecosystem since we invented it in 2005! We live to help you attract, retain and grow your customers so you Win! Let's talk

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