Fintech has always kept everybody on their toes, right from the time it has evolved. The past few decades of the Fintech Industry has seen entrepreneurs sprinting to be creative and evolve the Fintech processes in order to outdate any technological gaps.
Let us check out some of the trends which will re-innovate Fintech industry thus pushing down and creating immense space for agility especially in the Fintech start-up sectors.
1. Going the Quantum Way
Quantum computing is basically computation based on the theorems and laws of quantum mechanics. Quantum computation has the ability to bring in several changes in the Fintech Industry. Quantum transactions also happen with lightning speed and hence increases the pace of the entire process. This is because in quantum computing we are using Qubits instead of regular traditional bits.
Quantum computing would also be extremely efficient in fraud detection and can be worked in conjunction with a machine using AI-based algorithms.
2. The AI flaunt Continues
Automated Financial planners and Robo-assistants helps in making financial decisions. AI provides a range of Fintech solutions without which Fintech would be nearly devoid of the “Tech” significance of the word in its name. These include events, stocks along with price trends information. It helps a significant amount in streamlining this information under one file and helps in the alignment of the financial goals of the customers and better personal portfolio. This “Robo-Advisory system” has been gaining a lot of momentum in the emerging face of Fintech Industries. AI is making big splashes in almost every industry. These systems not only better in terms of reducing the costs but also help with faster processing thus saving a lot of hassle on the way.
The benefit with AI is that it offers us the most pragmatic and state of art solutions for major financial chaos in order to manage ad access with the portfolio risk and help further with regulatory compliances. AI streamlines maximum possible information in a limited time and gives massive scope for a lot of growth and innovation.
3. Big Tech Involvement
The entry of Big Tech firms in the Financial Technology arena is one of the most powerful trends of recent times.
Big Giants like Apple, Google along with Samsung and several others have started becoming enormously popular with their new high-end Fintech apps in the market. Applications like Gpay and Apple pay are all becoming extremely useful and reliable for the consumers and their extended partnership with the aggregators works like a charm. Alibaba is one of the key examples in this scenario, as the massive online retailer has made such tremendous progress with its Fintech Partner, Ant Financial. Rumors have been doing the rounds that Facebook is also in the process of developing a stable coin for its own platform. We have also seen a major rise in the integration of E-commerce channels and retailers with Social Media Platforms.
This will not only be a major rise for the Future of Finance but also speeds the lengthy Fintech ques.
All in all, from an Outsider’s Perspective it can easily be concluded that Fintech as a market is on a rise for disruption. We will just have to wait and see which will be the key factor for its disruption.
