How Will FinTech Influence Financial Services in The Following Five Years?
Summary
The main accomplishment of FinTech as an industry is that it managed to provide modern loan and payment solutions to buyers and merchants in areas all across the globe, using innovative technologies to streamline processes that used to be time-consuming, unsecured and complicated.Banks, which at the time were facing the aftermath of the economic crisis, could not yet provide modern users with the latest innovations, and FinTech quickly filled that gap.FinTech has brought these innovations closer, allowing for flexible payment systems and loan solutions, catering to the needs of small businesses or people who didn’t fit in the conventional banking infrastructure.Emergent technologies that financial institutions will focus on To bridge the innovation gap, financial institutions need to invest in the key emergent technologies that have made FinTech so popular, namely: Artificial intelligence (AI) – the implementation of AI in FinTech products has made these products more secure, allowing them to identify fraudulent behavior, suspicious transactions and potential future attacks.Biometrics and identity management – these are essential technologies that provide reinforced security to mobile devices and reduce the risk of fraudulent user authentication.