Fintech Trends To Look forward in 2022
In fact, over these years you must have come across millions of apps featuring financial services and resulting in the rise of the world economy.
Fintech Trends To Look forward in 2022
Fintech has grabbed attention across the globe like never before! In fact, the pandemic seems to have accelerated demand for contactless digital transactions. Earlier, financial technology was considered as crucial back-office support. Today the scenario has changed entirely. Right from chatbots to artificial intelligence, blockchain, cryptocurrencies and whatnot, fintech trends are growing at a fanatic pace. Fintech has not been found; rather I would say the concept has created its place and become a buzzword resulting in massive vertical competition between various industry sectors.
In fact, over these years you must have come across millions of apps featuring financial services and resulting in the rise of the world economy. The following blog focuses on what is fintech and why it must be taken into consideration and the top fintech trends to take into account for 2022 and a few years down the line. Let’s get started!
What is Fintech?
Try breaking down the term and you will exactly come to know what it is. It means financial technology. Now, do you send or receive money via different applications such as Google Pay, Phone Pay, Amazon pay, Whatsapp pay – this is what fintech is all about. It not just emphasizes cashless transactions but also how to transfer money for individuals in a faster and easier manner. With the help of cutting edge technologies such as blockchain and artificial intelligence, the fintech industry is booming like never before. It has the potential to disrupt as well as revolutionize traditional banking and financial environments and systems. Risk management, trading, banking, insurance and payments, new trading platforms, and fintech are used among these aspects quite often as individuals can manage their finances via tablets and mobile devices in real-time.
Today managing finances, transferring money, applying for loans, and finding relevant investors is not as difficult as it used to be years ago. With the rise of the internet and digital technologies, and of course the insane growth of mobile devices, the possibility of easy access to financial services and information has increased.
Do you think it’s just the apps? Of course not! Fintech technologies featuring machine learning, artificial intelligence, blockchain, peer-to-peer models and crowdfunding, behavioral analytics and precise marketing surely leads to worldwide benefit. It’s a win-win situation for everyone around. Earlier, people used to accuse banks of not being transparent or customer-friendly but today, the situation seems to have completely changed. Several solutions are being offered that break off with outdated bank practices. Fintech is not just an innovation, it’s a revolution that will be cherished for several years to come.
Further, I would like to shed some light on the top fintech trends that will be highlighted in the upcoming years.
Top Fintech Trends Worth Taking into Consideration
Banks, but thoroughly Digitized
Now, whenever I use the term banks I am pretty sure the first and foremost thing that comes to your mind is those old-heritage looking buildings where you might have to stand for hours to get the things done such as submitting a cheque or receiving cash or seeking for loan and so forth.
With the concept of digital-only banks, contactless MasterCard, P2P transfers, international remittance is possible. Also, here you don’t have to pay transactional fees. The concept of digital banks has gained momentum in pretty less time. And why not, since it has eliminated that tedious paperwork and has a physical presence everywhere, especially for banking purposes. Today’s generation, especially the millennials, are much in favor of the concept.
The Rise of RPA
Robotic process automation, what exactly it is you may ask? Well, it’s a process automation technology that makes phenomenal use of software robots and digital workers for the sake of automating different tasks, especially the monotonous ones that are performed by humans. In fact, it may quite interest you to know that several financial companies have started incorporating RPA not just to cut down the cost but also enhance productivity themselves. Since most of the monotonous tasks are being taken care of by these RPA tools and systems, professionals can focus more on the core competencies. Now you must be wondering what kind of office procedures are taken care of by these financial systems? Well, everything from security checks to customer onboarding, maintaining an account, trial balancing, credit card, mortgage procedures, and whatnot. Blockchain is here to stay Last but certainly not least we have blockchain technology. Much like other technological innovations, blockchain seems to have made its way in the industry and ensures that each transaction is done in a safe manner. Any information or data stored via Blockchain means it will be secured end-to-end along with the minimum risk.
It may quite interest you to know that more and more financial service providers have started investing in the technology. One of the obvious reasons is that it reduces expenses up to a significant level and improvises internal banking procedures again to a significant level.
In a nutshell,
Of course, there are several other fintech trends such as artificial intelligence, machine learning, biometric security systems, open banking, and reg-tech, but the aforementioned are the top-three ones that assist in making financial services better, and faster and transparent. The fintech revolution is not going to stop anytime soon. So brace yourself up and get ready to delve into the ocean of innovations.