FinTech as a sector has seen tremendous growth in recent years. More and more banks and other financial institutions have been adopting technology to revolutionize the normal way they had been working till now. But, why FinTech matters so much in today’s world? Well, with technology in the banking and finance industry, consumers and bankers, both, have benefitted remarkably. Big banks benefit because FinTech has boosted their existing products and services. While on the other hand, consumers have made the most of FinTech to easily bank, pay, and invest. It has greatly improved the speed and efficiency of the banking and finance sector and also leads to cost-effective business decisions.
In this blog today, we will have a brief look at all the latest technologies and updates in the finance sector that look promising in the coming years.
Top FinTech Technologies
Recent times have seen a growing preference for online banking amongst consumers. It is time saving, to say the least! This trend has been growing more and more and we see a few banks going purely digital. These are known as neobanks. They are extremely flexible with minimum overhead costs and can customize their services as per the consumer demands. We are certain that we are going to see more and more of neobanks in the coming decade.
Big Data Analytics in Banking
With each passing day, the volume of data is increasing. The success of any business largely depends on their ability to gather the huge volumes of data and derive meaningful insights from that. This trend has brought about the need for more and more big data analytics firms that help to gather and harness the true potential of data. Banking and financial organizations have started using big data to make better decisions. We are seeing new technologies like robotic investment advisors and other intelligent advancements that are enabling the bankers as well as the customers make efficient decisions.
It wont be wrong to say that security is indispensable in the financial world. Security lays the very basic foundation of trust and loyalty in the finance world. People wouldn’t want to engage with any bank that cannot keep their money and data safe. If any consumer has any concern over any banking tool or product, it would get very difficult to sustain in the industry. This has led banks and other financial institutions to prioritize on security measures. These institutions are employing many new high-technology solutions to validate identities and enable more secure transactions. This can be seen in the form of biometrics and multi-factor authentication these days.
Most of us are familiar with blockchain because of the term, “cryptocurrency”. However, it is not just limited to crypto these days. Blockchain has been increasingly used for a wide range of applications today. It acts as a decentralized platform to validate engagements and transactions by the use of a public ledger. This lends many advantages starting from better security, privacy and autonomy for users.
This concept is also seeing increasing prevalence amongst banks and other financial players. Instead of creating their own FinTech solutions or products, they are making use of third-party products to sell to their customers.
The FinTech sector is only expected to grow manifolds in the times to come. How can we be so sure? There is going to be continued investment activities, despite the minor turbulences. Along with this, the general public is very keen on using the new FinTech solutions, thanks to the hassle-free and time saving nature of them. Plus, many firms are actively engaged in bringing about even better and more innovative tech solutions for the banking and financial sector.
If you are a financial institution looking for an innovative solution for any of your processes, EOV is your one-stop solution. We specialize in curating solutions for the FinTech sector. If you are looking for the best mobile app development company, we are here for you!