Fintech is experiencing massive growth since the last decade. There are new improvements and advancements in the sector, paving the way for dealing with finances smartly and ergonomically.
Business organizations, people, and fintech companies are experiencing a surge in their financial transactions. Using digital payments, mobile transfer, adding money in an e-wallet, virtual cash cards, etc, has become a pioneer revolution.
Even when the pandemic hit 2020. and the whole world was inside to curb the virus’s threat. Fintech went to its boom by offering digital payment technology to manage finances while staying inside a safe environment.
Since fintech has received an overwhelming response and acceptance from users since last year. There is no way, the industry is stopping back in 2021. The year will be revolutionary for the segment to offer digital payment solutions, easy access loan origination software, and other resources.
Now, looking at the surge in acceptance of financial technologies, Fintech will create a milestone in 2021. Fintech solutions will continue to assist people in abstaining from overspending, manage finance, and mitigate risk.
So, here in this blog, find few fintech trends of 2021 that are going to astonish you.
Let’s have a look at the trends below:
1.Digital-Only Banks
Digital-Only banks are sure to witness an incredible surge in 2021. It’s an all-new concept in the fintech industry. It is better referred to as digital banks without having a physical premise. There will be no need to stand in long queues outside the bank premises because features like payments, deposits, etc, everything will happen virtually.
Thanks to the disruptive tech support brought in by banking software solutions companies, financial institutions can introduce digital-only banks to increase online banking adaptation.
In collaboration with fintech mobile apps, digital-only banks will perform a tremendous job of connecting users over the internet. It would increase usage of financial mobile app and a substantial decrease in paying a personal visit to the bank.
Those who do not have an account can open a virtual bank account and freely operate the same from any place.
2. Artificial Intelligence & Machine Learning
AI has already created quite a stir in the country’s defense and, now looking forward to becoming a stepping stone in fintech.
As per the report by Autonomous Research, Artificial Intelligence has the potential to decrease around 22% of the bank’s operational expenditures by 2030. It appears to be around $1 trillion saving for the financial institutions in the time ahead.
The facets of AI introduced in fintech websites or apps in the form of Chatbot helps to bring a conversational communication with every single user. This technology helps to resolve queries and doubts of banking app users in real-time and provides 24×7 customer support.
AI further brings a revolutionary appeal to fintech by identifying bank fraud patterns and threats. The data-driven technology has the potential to curb the issue of cybercrimes and poses a restriction on the movement of any intruder within the banking system.
3. Voice-Enabled Technology
Voice search integration has already stepped into the lives of people. It is in the form of virtual assistants like smartphones, speakers, smart gadgets, and more.
Soon, the technology will peep into fintech apps allowing users to dictate tasks related to knowing credit card overdue, credit scores, loan eligibility, favorable loan offers, request for statements, insurance plans, and more.
Overall, financial institutions make the best use of voice search to enhance brand promotion and service offerings at large.
4. Innovation in Payments
Payment innovation is a highly accepted trend in Fintech that is going to continue long. Making payments via Digital Wallets, Smart Speaker Systems, Mobile Payments, AI, and Contactless payments, have encouraged the power of financial security and flexibility.
Financial companies have widely accepted digital payment innovation to curb the issue of counting and managing physical cash.
Now, you tend to witness the flexibility of using a smartphone to pay anything for like groceries, monthly EMI, loan payments, and other expenditures.
5. Robotic Process Automation (RPA)
RPA aka Robotic Process Automation helps to take autonomous financial decisions to ease the work burden of humans.
Calling it robots or a robotic process in financial software. It helps to automate several tasks including getting a new customer on board, security check, reporting, compliance, and more.
Many financial companies have already adopted significant factors of RPA to automate back-office tasks. It further helps to allow humans to devote precious efforts towards other departments of the company.
The benefit you get with RPA is performing several tasks with optimum efficiency and ease. Thus, it gives you ample opportunities to improve customer service.
Final Note
2021 is going to be another remarkable year for the financial sector, adopting the high-tech means of technologies. The above-mentioned trends will continue to impact the industry and scale up the operations to a higher level. Additionally, it will help in making the transactional process goes transparent and faster for companies and people alike.
If you like to take the full benefit of the advancements in the financial sector, then rely on the technical expertise of OrangeMantra. One of the pioneer financial tech companies, OrangeMantra helps you avail professional expertise of technical geniuses having skills and resources to improve your fiscal business to the next level.
FAQs
1. What is Fintech?
Fintech stands for financial technology. Generally, financial services collaborated with the updated technology, help offering innovative features to users and companies. The most common examples are online banking, digital wallets, loan websites or app, and much more.
2. How Fintech is useful for financial institutions?
Financial technologies in every single way will improve the operational approach and customer service. Fintech software development will help you in advancing the ways to manage customer’s data, offer better services, receive and pay virtually, and several other benefits. It generally depends on the way you want fintech to implement in your business setting.
3. What is the cost of implementing fintech solutions?
The cost differs based on the scale and vision of your business. Implementing fintech solutions depends on the size of your organization and the requirements you have to improve service offerings and back operations. Here at OrangeMantra, rest assured to avail of cost-effective fintech services, no matter, if you have a large, medium, or small organization.
