New trends at the convergence of finance and technology.
Upcoming fintech trends you should be aware of.
Over the last couple of years, many new terms have been added to the dictionary. One such word is “Fintech” which was added to the Oxford Dictionary in 2016. Fintech is the combination of two words: finance and technology.
The fintech industry, or the financial technology industry, is constantly changing how we live and how we conduct business. It brings with it new technologies and new opportunities for startups and for established entrepreneurs.
Few Upcoming Trends in the Fintech World
#1. Bank collaboration
When things started out, fintech was in direct competition with the banks. Now, there is a kind of interesting “fintegration,” a collaboration of the strengths of both technology and the banking industry that blends the administration of fintech with the strength of traditional banks.
#2. Instant Payments
Traditional payments made through checks or demand drafts take quite a few days to complete. With fintegration it only takes a matter of minutes, or even seconds, for transfers to complete. Some companies even use their own payment systems such as Uber cash.
#3. Expanding approach to AI
Artificial Intelligence is the most talked about matter in fintech as it has disrupted several industries. With AI integration, fintech industries aim to deliver a seamless experience, and to establish better partnerships between fintech startups and established banks.
#4. E-Wallets will be the future
With major advancements in technology, fintech companies now have more opportunities to enhance the user experience. The most common objective among fintech companies is the offering of convenient one-click payment services.
#5. Biometric Security
One of the most common concerns among finance companies moving online is the threat of hackers. Fintech companies must ensure optimum security to retain user trust.
Enter biometric security. It is a standard that is one step ahead of the alpha-numeric to multi-step security, and includes fingerprint recognition, face recognition, and iris recognition.
Incorporating these trends into your platform will help to capture a larger market share. The last few years have been challenging for fintech companies in this regard. However, with advancements in technology, artificial intelligence, and machine learning, coupled with growing awareness and acceptance among users, fintech companies are in position for major growth.
Customers are now searching for better companies to take on their financial tasks. The ball is in the court of startups, and startups have an entire market to capture. However, all companies must keep user convenience and user security principles in mind. The entire flow of the service should be hassle free. The user interface must be convenient and understandable, so users can make the most of the services your company provides.