In today’s Fintech world we are edging ever more close to a full remote and contactless society. The new norm is rapidly getting introduced to the general public with little to no resistance. The Fintech sector as a whole is currently experiencing a rising hunger towards a 100% digital implementation. Additionally, COVID-19 has further evolved a consumers buying habits and expectations, this in effect has caused organisations to embrace the switch towards tech. This as a whole only strengthens a customer-centric approach.
A recent study highlighted that 82% of consumers were concerned about visiting a storefront, 63% of those polled did say they were more willing to try a digital application instead. As these patterns are now thought to be ‘Long-lasting’ many organisations have invested in new tools & tech to streamline the process faster than competitors.
1) Artificial Intelligence (AI) & Machine Learning (ML)
Without a shadow of a doubt. The industry can agree that AI & ML has disrupted the world of Fintech. AI can help a Fintech company by resolving a human problem by enhancing the efficiency. AI is a scary initial thought but it’s not all iRobot and The Terminator. The use of AI helps provide improved results and applies a number of methods derived from a number of various aspects from actual human intelligence at a scale much beyond human capabilities.
Already, there is a heap of data widely available to the public for analysis. As AI continues to perform better when there is a lot of data readily available. The data is inevitably increasing therefore the AI integration will be more powerful.
2) API Platforms
An API Platform is an organisation which tries to bring together a number of groups of consumers. In result, the organisations can create a foundation for automated transactions between the networks.
API platforms as a whole have come a long way in recent years, and is now expected to grow at an even faster pace. The use of API’s have already helped financial companies create new opportunities for overall revenue growth, reduce costs and give a general better user experience. No doubt, the use of API’s will further open up new opportunities to collaborate with non-Fintech solutions as well.
3) User Interface / Chatbot
Chatbots seem to be on every website you visit in todays world. A pop up at the side of your screen, usually with a little mascot of the site asking you if you need any assistance. The chatbot you see if purely a computer programme that’s sole purpose is to simulate human conversation. Chat bots usually have a bank of pre-set answers in response to questions or keywords you may put their way.
The whole space of user conversation has been undergoing an aggressive switch in the past few years. The bots organisations are creating are becoming evermore intelligent by analysing human behaviours and language, storing the data and bettering their response. In the near future, it’s not hard to imagine a world where the bots will be available to service consumers 24/7. If the bots do get to a certain point of intelligence, this would help improve user experience massively whilst additionally reducing the cost of the operation to the organisation.
Blockchain has been used as a sort of ‘buzzword’ in recent years. In reality, blockchain is a great solution that is secure, reliable, transparent and yes, a completely automated solution. Arguably, we are a while away from the solution being an industry ‘game changer’ as we will need time for it to become a more common technology that can be utilised over all sectors. Blockchain has been used in various projects already though across the globe and executed in a whole range of industries.
5) Cyber Security
Cyber security is the application of processes and tech that help protect systems, networks, devices and programs from a whole host of cyber-attacks. In today’s world living alongside COVID-19, the world’s population is spending a lot more time indoors therefore a lot more time indoors. Unfortunately, cyber criminals have also tried to capitalise on the shift.
As the threat increases day-by-day the need for numerous innovations are identified within the area. The whole of the Fintech industry deals with a lot of data and in conjunction with GDPR laws, organisations need to do whatever it takes to protect the data they hold. It is expected that continuous innovations will become the new ‘norm’ to ensure data privacy and a security framework.