As we continue to make purchases online, use smart home devices controllable with smartphones and use other technologies to make day to day tasks easier, banking and financial landscape is also influenced by the latest technology. Technology used to make financial services greater is known as Fintech. More and more consumers are gradually making use of the latest technology for effective money management and to carry out several banking transactions from the comfort of home or office.
In this article, we are about to discuss the latest fintech trends and important technologies banks and financial sector should focus on now and beyond to provide consumers with excellent financial services.
Mobile Banking
In this digital world, we are able to transfer funds, deposit checks and apply for loans online by using our mobile devices. Mobile banking allows us to carry out several banking transactions conveniently without leaving home or office. In the race of m-banking, an easy to use and simple banking app wins the customers. People don’t really want an appealing bank building but they want quick and 24/7 access to their account so they can do anything in real time whenever they want. Banks and other financial institutions are focused on developing mobile apps that are great for people who are looking for a loan, need to transfer funds or want to check the account statements. It is a fintech trend that every bank and financial institute should follow not only to provide more customer-centric services but to thrive in the continuously changing banking landscape as well.
Automatic Savings
Saving automation is easier than ever before as a lot of apps and Robo advisors are available in the market to make savings automatic and easy too. Such apps provide a convenient way to save money without forgetting a single day. Most of the bank apps allow consumers to automatically transfer specified sum of money to the savings account at a set period of time. Mobile apps like Qapital and Digit can transfer more money into your saving account that you can manually. Many other apps also provide users with a feature to pay their loans and other debts automatically from the savings accounts as planned.
Voice-First Banking
Intelligent agent also named as intelligent assistant is a big example of voice first baking. In near future, all of us will have plenty of such agents interacting on our behalf to make banking and finance related things easier than ever before. Most of the financial institutions and banks will be moving from basic account inquiries to doing transactions via voice commands. Through this way, consumers will be able to transfer funds, execute payments and check the account balance by using voice commands. Said by experts, almost 50% of banking and financial transactions will be executed via voice first devices.
Artificial Intelligence for Better Customer Services
Everyone is business these days and people really don’t want to sit for hours on hold with their banks either to check account statement or to transfer funds. Financial institutes and banks have been experimenting with the latest technology known as ‘artificial intelligence’ for many years. Now in 2019 and beyond, we can expect to see banks jump to leverage AI solutions to provide consumers with great customer services. Use of chatbots is an example if AI integration in the banking sector to provide customers with better services. Artificial intelligence is also used by the banks and other financial institutes to present consumers with personalized ads in order to show them appropriate offers and plans. Furthermore, more capable AI bots and Robo advisors will also be there to assist consumers in making fertile financial decisions.
Blockchain Tipping Point
Blockchain is one of the top financial technology trends to watch in years to come. More and more banks are focusing on the blockchain and many of them are implementing several blockchain features in the apps they have developed. These initials test will push the blockchain into the larger organizations sooner or later. It can play a significant role in cost reduction and process simplification. Remittance, payment processing, and traceability are the areas where most of the banks and financial organizations are using blockchain currently.
Mobile Payments
Sending and receiving overseas payments is not a big deal anymore due to the availability of mobile payment options like PayPal. Individuals and businesses are now able to proceed payments in real time without waiting for hours. More and more organizations are offering digital wallets that totally have changed the way we shop either online or offline. There is nothing wrong to say that we’re continually closer to becoming a cashless world.