The Financial Technology Revolution
The Fintech sector has been steadily growing over the last few decades and now encompasses a broad range of technology services which are key to managing funds including payment processors, investments, insurance and cryptocurrencies.
The sector with the largest dependency on Fintech is Banking and Finance and the continual evolution of new platforms and alternatives has provided many challenges for larger organisations, especially due to the agility of smaller players in the market.
The key to success of many of the smaller players in the fintech space has been an improvement of access to financial tools for everyday user, with PayPal being a prime example of bringing fast payments and money transfers to the end user.
Some key Fintech trends going forward are:
AI with Fintech (Artificial intelligence)
Fintech solutions and services will be continuously empowered by Artificial intelligence and machine learning. According to a report, nearly 30% of financial institutions are investing in AI.
Additionally, the number of fintech players adopting AI and machine learning for automation, predictive analysis, and more is increasing rapidly.
Increase of fintech use in AI is AI can play in B2C interfaces with the use of smart chatbots. Chabot’s automatically interact with customers, address their queries and provide real time support. Further Artificial intelligence will work to secure financial transactions and services, where machine learning can be used to analyze patterns and adopt safeguards to counter potential security risks.
Blockchain with Fintech
One of the primary concerns of the Fintech sector is security and data breaches.
Currently, blockchain is providing an increasingly feasible alternative for safeguarding transactions and related data.
Blockchains original purpose was to safeguard transaction within cryptocurrency. Although a blockchain public ledger is encrypted, its core functions make it highly difficult to hack.
Many larger financial institutions are exploring Fintech such as HSBC and Barclays.
Mobile technology with Fintech
With mobile devices now dominating everyday use in eCommerce and Social Media, Fintech is being increasingly implemented to simplify the user experience with tools such as mobile wallets, QR codes, loyalty cards and direct payment from phones in common use.
Due to the large scope some additional trends work understanding include crowdfunding, insurance, money transfers, digital security, data analysis, wealth management and investment.
Fintech trends for payment
a) Electronic payments are saving time and money both, thus making it cost effective and more efficient.
b) Fintech works for global expansion, they work to explore new ways to support international expansions and operations.
c) Protects all digital payment from fraud and cyber threats.
2014 investment in Fintech was $12 billion.
2017 was $17.4 billion and the growth is continuing.
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