4 hot shifts in FinTech
1. Shift to mobile platform
Millennials are all about the convenience. Given the choice to queue at an ATM to withdraw cash, vs. using cashless payment, we'd choose the latter.
According to the findings from the Millennial Disruption Index survey, 53% of the millennials do not see a difference in their bank and other banks. This means that they're open to switching banks if it means more convenience for them.
2. Shift to AI
Instead of taking a queue number and waiting an hour to get a 5-minute solution over-the-counter, advancements in artificial intelligence technology has enabled us to speak to chatbot for simple queries instead.
More importantly, AI is also used to detect unusual activities in financial services. Money-launderers, watch out!
3. Shift to Biometric security
It's all over the advertisements, unlock your iPhone X with facial recognition. And for us common folks with less ka-ching, unlock our phones through fingerprints.
Biometric security makes it harder for data breaches, so suck it passwords-thieves, and friends with prying eyes.
4. Shift to the cloud
Where do we store all the documents from way before, from back when our ancestors were carving onto rocks? Okay, an exaggeration, but you get what I mean. The "cloud"!
It's endlessly spacious and practically accessible anywhere, just like the sky, so long as you have an internet connection.
Many FinTech startups are using cloud computing services, which are cheaper alternatives to building infrastructures themselves since they can select and pay only for the services that they use.
Technologies have come a long way, and sometimes I find myself wondering how much more it will progress in the future... maybe something like Black Mirror?
Referenced from: John DeCleene
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