Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Fintech Evolution – Technology Advancements Changing the Fintech Sector
Guest Post | Apr 22, 2021
Source: Pexels
Fintech is the faithful combination of finance and technology, a sector used for innovating financial transactions and making processes speedier for businesses and consumers alike. The technologies used for all kinds of financial procedures were introduced to create easier money management and transfers with lesser security breaches and fraudulent activities. Fintech is a brimming industry and will keep being so. However, there are some changes and advancements to keep an eye on if you’re working in the sector or are thinking of starting your own startup.
See: How AI is impacting customer experience in fintech
With the current high involvement of the world with technology for accessing most of the information and channeling financial processes online, vast innovations in Fintech methods will be seen. People are now more open to digital and virtual transactions than physical ones and try new products for easier and automated handling of financial progressions.
The following are some major changes to be seen in the Fintech sector in terms of technology advancement:
Machine Learning and AI
Artificial technology is not a new term, and the system has been progressing ever since its revelation. Soon it’s going to take over the Fintech sector by storm. With tons of information sitting on the internet and artificial intelligence collecting it to create informed options and processes for the users, things are only going to get more simplified and transparent for money transactions and handling.
This also means that fraudulent methods and loopholes in systems used by Fintech firms are going to get weaker and eradicated as AI gets stronger and more empowered. There is a lot for a Fintech company to gain from this as soon as they make their services more quality instilled and provide top service.
Blockchain Intervention
Blockchain entered the fintech market not too long ago and has now become an important part of the whole façade. Blockchain technology brings many benefits for finance, including transparent, automated, secure, and compliant virtual money solutions. Although it isn’t widely used in the industry yet, some prominent companies are already using it to provide certain and consistent financial programs for customer and B2B satisfaction. The future of blockchain in Fintech will prove security and reliability for users.
Customer Service
One of the most awaited and important advancements in technology is voice recognition or chatbots development. This is going to change everything as to how people search on the internet and interact with different companies to gain information.
The internet searching abilities are already at their peak with quality content and specified search intent placed. You can even find solutions to difficult problems like water spillage on macbook with the high-level bot technology used in search engines and customer service providers. But with chatbots, searches are going to change and search intent completely.
API Platforms
The API platforms utilized in almost every device and system are evolving. These already accommodating products are only going to get better for use in the Fintech sector for combining services and providing customers with communal facilities.
See: Is Open Finance worth getting excited about, or is it just spin?
Service providers can help consumers or businesses achieve more services using one API platform for financial transactions and record-keeping. This way, services will become more streamlined, and companies will be able to achieve better sales goals by attracting more interested customers.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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