The year 2017 was the year when the Fintech Industry went in quick and major transformation. The aim is to build a Cashless society that keeps pace with the mobile and internet revolution. With more and more new technologies are integrating into Fintech some of them being – Machine Learning, AI, Predictive Behaviour Analytics, Data-driven Marketing and many more.
The Fintech Startups are reported to have received around more than $17 Billion in the previous year. Unbanked also known as Under-banked are the services that seek to serve the disadvantaged or the low-income individuals. Those who are ignored and stated as underserved by the traditional banks or mainstream financial services organizations; this is one of the active areas where Fintech Innovations is applied.
As the fintech industry is revolutionizing, the role of crypto-currencies is introducing itself as a necessary requirement. This means Digital Cash will be a high priority in the coming future for the financial industry. The technologically advanced communication interfaces meaning Chatbots are replacing. The conventional Business models are now made to be more personalized according to the user with data-driven mechanisms. This replacement will lead to an efficient customer interaction.
The blockchain technology is also emerging as a new-age disruptive technology of the future ahead. Blockchain with the financial institutions will work towards capitalizing its Anti-hacking features and to create a robust as well as secure operational backend. The AI is also a part of the evolution as it is revolutionizing the functional paradigms of fintech sector. Artificial Intelligence can help companies to attain the accurate operational sustainability and check for segments with suspicious behavior. The trends towards mobile banking, the excess of information, and decentralization of access will further create more opportunities for the fintech users.
Fintech Marketing is another trend that is rapidly emerging as a social media buzzword i.e. Finleap. With this, the social media platforms will be used to provide a wide array of financial services that will simplify the basic functions. Here, the key component will be the social media marketing that will look-over the overall marketing strategy of the fintech organizations. All the stakeholders in the fintech services industry should know the fact that synergy of operations and combining of expertise between both customer engagement and the service itself, which are both the core entities.
The Fintech doesn’t stop here, now this technology is taking over the web and mobile world as well. Many App Design and Development companies are following the lead closely as now mobile applications including Android as well as iOS are adapting with respect to these financial services. So, if your company is looking for having a mobile app for the brand then you need to hire an agency that has previous experience in fintech.