Predicting the future is not an easy task, but the recent development in the financial services and Fintech industry sheds light from which we might gather some answers. The initial requirement of any business is to earn revenue and to raise the amount of revenues being created over time. However, there are more conclusions to be drawn from what technologies these companies are deciding to use, and how they are using it.
Rapidly advancing innovations, evolving customer outlooks, and a changing regulatory landscape is opening doors to technologies in financial services. Talking about crypto-currencies, big data, P2P lending, Fintech innovations have gained the attention of consumers, investors, and incumbents.
Eyal Nachum believes that “today, the world of finance is at the cusp of a huge change that makes the future very exciting. Blockchain, artificial intelligence (AI), machine learning, and robotic process automation (RPA) are holding all kinds of promises to solve banking problems.”
However, the amount of the impact that these innovations will put on the financial services industry is still questionable. As the financial and fintech industries are moving forward, it is important to work on the combined success of the organizations which operate in these spheres.
Largely, the increase of technologies in the financial segments has been pioneered by Fintech companies like Moneta International UAB,that often been similar to technology companies are more than old financial institutions.
These innovative start-ups are raising the technology that will drive the progression of the financial industry. Also, conventional finance companies, such as banks, are well balanced to deliver the current financial innovations on a large scale.
Banks are beginning to invest in technologies that have a quicker payback and impact on their business. Many reports confirm that 40% of large financial institutions recognized AI and Blockchain as the most applicable technology for investment in the coming years that allow companies to stay compliant and transparent within varied regulatory frameworks.
A new age of open-banking APIs might also see future innovations in financial services shift from current times. Open banking could also open doors for Internet giants Google, Amazon, and Facebook to shift into financial services.
The future of finance looks promising with the innovation of new technologies. It enables a higher scope to serve consumers efficiently and accurately. While this has not taken place without some chaos, a glance forward in time highlights the possibilities of technology to bring new security to customers, and higher profitability to businesses.