Latest Trends In The FinTech Industry

The pandemic outburst led many businesses to go digital, and the financial and banking industry is no different. Finance and bank institutions had to alter their business models to a more customer-friendly and centric appeal. This has become feasible owing to the latest technologies and digital solutions.?

The demand for the FinTech industry is at an all-time high, and in more ways, than one has become a factor of survival for the aforementioned institutions. Let’s delve into the latest trends in the industry, that’ll help businesses stay at the top of the game.

1. Robotic Process Automation (RPA)- This technology deploys software robots, or digital workers to motorize the jobs, generally done by humans. The financial industry has already applied RPA, to enhance the overall efficiency of the organization, and cut unnecessary costs.?
2. Blockchain- This technology has remolded the industry’s operational habits completely. The cutting-edge technology enables safe and secure transactions. According to a Business Insider Intelligence report, more than 45% of banking officers believe that Blockchain technology will create a huge impact on the banking sector in 2022 and in years to come.?
3. Artificial Intelligence- Financial institutions around the world are adopting AI (Artificial Intelligence), in their activities. As per research, this technology would decrease the bank’s operational charges by 22%, in the next 8 to 10 years. So, banks would roughly save $1 Tn by implementing AI. It can be utilized for identifying cyber crimes like financial frauds, thus coming in handy in managing risks. It can also keep an accurate record of the interactions.
4. Open Banking- It’s the other revolutionary technology that brings FinTech and banks together, via the facilitation of data networking across the organizations. It pushes the banks to release the information in a standardized and safe format, which makes online data sharing easier. Industry experts think that it can alter the banking sector in 2022. It allows customers to have their accounts consolidated in view, thus resulting in better financial decision-making.?
5. Digital Banking- Customer flow decreased notably due to the pandemic situation in 2020. This motivated banks to develop software and create their own applications to increase and keep their flow of customers at a pre-pandemic rate. App-enabled banks to have more accessible services. The customers can utilize real-time banking services via various digital channels. This shift from traditional banking to online messaging and notifications have made the entire process much more convenient.?

These trends and technologies will enforce transparency, enhance assistance and applications, make the process of transactions quicker, and improve financial data availability.?