In today’s fast going world , NOman wants to experience the slow process of Traditional Banking. In a recent survey Statistics say that 7 out of 10 people prefer net banking over physical banking. And the good thing is that every layman will experience fintech in the coming years and will prefer to use fintech over and over again because of the innovation and development of new applications which are user-friendly and secure.
We are currently experiencing one of the biggest transforms in financial history that is the fintech revolution which is going to transform the banking system.
The bankers of today are going to be very different from the bankers of yesterday. These new bankers are getting used to some of the trending FinTech technology, For instance,
Artificial intelligence (AI):
AI refers to some of the programs and tasks which are learned and performed by machines as if they are human beings. This technology is very much useful in fintech companies as it allows to improve and automate security systems and customer services. Adapting to these technologies also reduces the operational cost.
Big Data has the potential to pack huge amounts of data. Also helping FinTech companies by displaying a large amount of data in a systematic manner which is readable and is easy to understand.
Which results in improving and rendering better services to customers.
Blockchain is the new internet today as it is helping to transform economies and businesses which also includes the financial sector
This technology allows optimizing the entire business process effectively by sharing data more transparently and securely.
Blockchain technology is quickly reshaping its financial services in both ways, for instance in B2C and B2B
Although there is extensive use of blockchain in the fintech industry, we will look at a few important areas where blockchain is been used:
“Payments” many people are shifting towards the payments that are making use of blockchain technology Secondly, “funding and investing”.
Thirdly, “accounting”, compared to traditional methods of banking systems, blockchain payments are inexpensive and less time-consuming.
Open banking is another technology that is booming in FinTech. So, what is open banking? Open Banking (open bank data) is a convention of providing access to particulars of customers (bank details and other transactions). To other financial service providers with the consent of customers.
Chat Bot/ Voice Bot:
Chatbot or virtual assistance is computer software that creates a creative and engaging environment providing uninterrupted and smooth services. These virtual assistants widely use in banking sectors helping to deliver basic information to customers. For instance, account balance and other details immediately. Chatbots also help banking institutes in dealing with customer’s frequently asked questions acting as a solution provider also providing end to end services
The above mentioned are some trending technologies used in FinTech companies.