Top Trends in Fintech 2018
The modern times have made everything available to us at the click of a button. We can shop online through our smartphones and transfer money in seconds.
The enthusiasm for Fintech has been shooting high among entrepreneurs and CEOs to commoners alike. There have been tremendous amounts of innovation, and the new technologies have made transactions simpler and transparent.
Here are some of the new trends in Fintech which have made their mark in 2018 and are here to stay.
Cryptocurrencies:
Bitcoin has been the big business for most of 2018, and there are many people launching cryptocurrencies of their own through ICOs — Initial Coin Offerings. This trend of launching new and customized cryptocurrencies has to be groomed, nevertheless, they are to be watched out for.
NFC:
Near Field Communication (NFC) has been changing the way payments are being made. It facilitates consumers to make payments by just holding their bank cards to a reader. It is built into the modern smartphones and a person can buy goods by just waving their hands to a reader.
Design thinking:
Creative engineering combined with design thinking brings UX vision to reality. Customer-first design is the key in this type of technology. Machine Learning (along with augmented reality) and Natural Language Processing leads to a gamified experience in tasks like account opening.
Artificial Intelligence:
Innovative and emerging technologies like AI help in risk analysis throughout the organization. Due to advancements and changes in the banking domain, this would be a great fit for automating mundane and repetitive activities.
IoT and social media:
Open banking is helping link data structures based on ML and AI into social media and IoT. Those, in turn, help in realizing smart banking methods. Also, chatbots and messaging systems have helped to create a seamless interaction between customers and organizations.
KYC Products:
These products help startups in detecting fraud and curb authenticity problems. UPI and Aadhaar enabled linking processes have also helped in improving reliability.
Merging Physical and Digital banking:
Canara bank has successfully incorporated CANDI to automate their services. It helps account holders to walk into any branch of the bank and make use of basic automated bank services. It helps people who aren’t tech savvy to still enjoy and use available services with little guidance.
Agile architecture:
The agile methodology has been successful in software development projects and has been extended to banking projects as well. The rapid and effective response to changes has been utilized through the technology which increases the degree of reliability and ease.
Blockchain:
Last but the most important fintech technology that has been prevailing for the last few months is blockchain. NITI Aayog is creating “India Chain” which is India’s largest blockchain network. Timestamps help in marking secure data entries which makes the technology unhackable. Back-end operations can be automated using this technology. Moreover, this technology is being harnessed and efforts are being put to measure its feasibility.
Technologies are growing at a fast pace and automation is everywhere. It has been a boon to the increasing data flooded into various organizations, and the conclusion is that there might be more in the future.
