The financial and banking sectors have been actively changing lately. The pandemic and lockdowns have had a significant impact on this sector. Statista says that companies worldwide prefer fintech solutions for future B2B payments in 2020 rather than payment options developed by banks.
In this article, we’ll take a look at the top trends in fintech for 2021.
1. Digital banks
Digital banking is a money management method, and it became popular long before the pandemic. Now, however, digital-only fintech services have become even more widespread.
Digital banking includes P2P transfers, cryptocurrency sales, contactless payments with free transfers, and international money transfers. And significant innovations in this area will continue to make it easier for people to meet all of their banking needs, always, everywhere.
2. Public cloud
The driving force behind the move to the cloud is the growing popularity of open banking, which increases due to its ability to provide greater transparency.
In his article, Forbes writes that banks have a tremendous amount of customer information. Still, their legacy systems may have prevented them from quickly gathering information from that data before it became outdated. Many people understand that a hybrid cloud can provide a smooth path forward, allowing them to combine public and private clouds and on-premises IT services into a single system that can provide insights without compromising security.
3. Robotic Process Automation (RPA)
RPA as a fintech solution simplifies operations, removes human labor from monotonous, repetitive tasks, and significantly increases banking activities’ efficiency. It will speed up and reduce the cost of many of the time-consuming internal processes associated with managing a financial institution, such as maintaining accounts, connecting new customers, and processing loans.
4. Finance with artificial intelligence
Personal finance management can be tedious and time-consuming. The field of fintech offers us a solution. Artificial intelligence and machine learning technologies offer business analysis services that can automate financial decision-making and save valuable time for our clients.
It does not matter whether you calculate the balance of your company. Artificial intelligence and machine learning will enable you to make smarter financial decisions.
5. Customer information
Fintech companies can use customer analytics platforms to collect and analyze customer information, including baseline insights, brand interactions, and customer survey data.
Plus, technologies for studying language and intonation of voice data can help brands understand customers’ intent when they call, their behavior, and their perception of the brand/product/service they are calling about. In this way, companies will be able to tailor their services to customer expectations better.
Conclusion
With the rapid development of innovation in finance, fintech trends are now benefiting both the banking and personal finance industries. You can enjoy all the new products and even use mobile applications instead of standing in line at the bank waiting for your consultation.
Many IT companies that provide software development services are capable of creating the most convenient and secure ways to interact with your finances. It means that any owner of a financial business can get a unique solution for himself, corresponding to the trends.