The growth of fintech in the last decade has been massive. Financial technology and apps have made the digital mode of transactions popular worldwide. With the growing popularity of mobile technology, fintech organizations are increasingly investing in new and emerging technologies to improve their digital services. With the boom of fintech-based digital platforms, here is what you can expect in the months to come:
1) More of blockchain in financial services
Blockchain will continue to have a major impact on the financial industry. While its scope is not restricted to only financial services, the technology will be widely used to improve existing financial products, especially in the banking sector. There will be a greater focus on the use of blockchain to improve security in the banking and financial services industry.
2) Application of machine learning
Traditionally, businesses have relied solely on the expertise of people to make decisions. In the coming days, companies will rely heavily on technologies like machine learning and data analytics to drive decisions to manage money. There will be a huge demand for data scientists who understand algorithms and data. Advanced analytics will be applied to multiple use cases in the financial sector including fraud detection, smart finance, expense reporting, and investment decisions.
3) Integration of artificial intelligence
Companies will focus on integrating AI-based technologies into their existing infrastructure to improve business. Artificial intelligence will be deployed in verticals including fraud detection, biometrics, chatbots, digital assistants, and robotic automation process. Intelligent automation based on AI will help financial institutions save time and manpower in delivering routine financial activities like loan documentation, new customer onboarding, performing credit checks, consolidating data, etc.
4) Greater adoption of chatbots
Financial institutions will leverage next-gen chatbots to improve their customer service. Companies will invest in developing intelligent chatbots that are faster, more accurate, and capable of engaging in quality interactions with users. You can expect more voice-based assistants in 2018.
5) More collaboration for innovation
There will be greater collaboration between traditional financial institutions and fintech startups. Companies will invest heavily to drive innovation to build new digital assets and software. Further, we can expect fintech startups to build new models in the P2P lending vertical. As the banking sector undergoes a technological makeover, customers will see banking apps that are personalized.
2018 will witness a greater focus on fintech for building digital and technological capabilities designed to reduce the cost of operations and drive business. As banks and financial services become more digital, customers can expect better and faster services in the coming days.