Banking Space

18 Mar 2019

How Fintech Is Transforming The Banking Space?

FinTech is one of the hot-selling technologies in the current era. We all have heard this theory quite many times, which clearly suggests that technology has captured around the finance sector as well.

However, FinTech is the buzzword within the banking industry as well, which builds the tech-blanket around the financial services functions and replace the paper-based processes with software and applications.

How App Technology Has Played The Role?

Indeed mobility has had a big role to play in the FinTech revolution via the penetration of smartphones. The evolution of phone technology has proffered consumers with a much easier way to interact with each other. Further, the app revolution shrunk the gap in-between the bank interaction and the consumers to gain real-time views into their bank accounts.

The space of the mobile app also grew wider and turned massive, as the consumers’ demand increased, consequently it led to the increase of banking services through app technology.

Therefore, every digital transformation within banks today is filled with mobility, which has transformed the very nature of banking, wherein customers no longer require to stand in the  long queues to deposit money or update their account booklet, or any other transaction related queries, which turn out to be solving every other issue related to banking services.

What Is Concept of FinTech?

The smartphone revolution brought another revolution in the market, which was called FinTech technology. FinTech technology is built around the online payment apps, which further is integrated within the bank accounts, which let the seamless online shopping, investments, transfers, and mobile-to-mobile payments for the consumers, by just tapping few taps on the smartphone.

As a result of today, every merchant and the consumer, require the innovative security products that use AI, machine learning and advanced fraud analytics tools to protect their transactions, assets, and data much secured and this is what FinTech has got to offer.

Let’s figure out further with this post the future of FinTech technology…

FinTech Gives A New Meaning To Business Model

The financial industry has always been the talk of the town, but due to the risks and challenges involved in it, many new market entrants found it difficult to break into the financial services industry.

However, with the introduction of FinTech technology, disruptors have found a way to be a part of the finance sector. Now fast-moving companies and start-ups have increased their focus on innovative technology via mobile payments to insurance.  Needless to say, but this has allowed a bigger chunk of profitable elements to be experienced through the means of the financial services value chain.

The Blockchain Is All Set To Change The Perception

As various industry groups have come together to commercialize technology and apply it to real financial services scenarios, this has given a surge to funding and innovation of blockchain technology within the scope of FinTech. This has largely brought the focus of different industries to use the blockchain “public ledger” as an integral part of financial institutions’ technology and operational infrastructure.

Chatbots For Efficient Customer Service

Every app builds around the convenience factor and the chatbots technology utilize natural language processing and machine learning to continuously improve and adopt human interactions. This has allowed the banks to streamline customer-facing interactions and handle the queries or directing customers to relevant departments.

The integration of these chatbots within the FinTech opens a gateway of customer satisfaction and further reduces the costs of hiring customer agents to increase the value offered by the banks.

Grab A Hold On Fraud Detection

Banking sector and frauds are nothing new to be discussed herewith, however, this is the only fear which holds the users to try their hands on the online mobile app technology.

These fraudulent transactions are disturbing and are the real threat which stops the users, this sophisticated mechanism of the security is well-answered by the integration of Machine learning and AI technology within the banking mobile app.

These technologies have the potential to determine patterns of fraud and predict the possibility of fraud and attacks.

Stronger Security From  Biometrics

Biometric can be utilized with different measures, such as vocal patterns, irises, thumbprints, and facial recognition to name a few. Indeed this set of technologies offer an extra but sheer layer of authentication for transactions. With the help of biometrics the usability turns out to be extremely easier, this is the major reason FinTech is experiencing a larger number of biometrics-based authentication app solution to ease down the user experience.

It is expected in the coming years, Blockchain would cover the space of digital transactions, wherein the cryptocurrencies shall take over the banking world by storm, as it would offer users with a faster and cheaper ways to transact with their banking service, further with the innovation to be expected in the FinTech mobility, certainly every transaction would experience the transparency and would further minimize the risks involved in transaction.

As the report suggests, by 2020, consumers would require and prefer the use of banking services, not through the banks but with the app technology. Gradually this technology is expanding its wings in every nook and corner of the world, regardless of whether the internet has low or excellent bandwidth. This very technology shares the decentralized asset ownership feature while utilizing information technology. This further ensures to get efficient matches between providers and users of capital and offer convenience in abundance.

Therefore it can easily be said that there is a strong future in front of the FinTech and every mobile app development company can utilize its mainstream digital expansion plan further, by integrating the best possible technological innovation.

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By:

Ankit Singh

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