FinTech is witnessing many innovative trends like mobile banking and biometrics today. As a result, the financial industry provides products that help in easy remittance and assistance in loan decisions. One of the major examples of such advancement is the blockchain technology. Every sector started using blockchain technology due to the ease it provides and in an effective manner. Other than the blockchain technology, technologies like AI and machine learning assist the financial industry. The FinTech projects have expanded in different categories of financial sectors like insurance, healthcare, and other machine learning applications.
In the upcoming years, the number of financial institutions adopting RPA will increase rapidly. At the end of 2017, 11 percent of the financial institutions have adopted RPA (Robotic Process Automation). The RPA with high efficiency has handled humans’ repetitive processes. Though the cost of adopting robots costs around $15K per unit annually, the time required to complete the work has been reduced. The usage of robots also eliminates manual errors and easily handles tedious and repetitive tasks.
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Due to the ease in mobile banking, the users of mobile banking have been doubled when compared to the number of users at 2014. With the immense growth of blockchain technology, mobile banking has widely spread in every nook and corner of the world. As individuals’ information is stored on blockchain nodes, the data security is high. Blockchain has also enabled clear transactions in commercial-scale projects. In 2019, the first tokenized commercial real estate project will begin.
In addition, 5G technology has an irreplaceable role in mobile banking. 5G technology reduces latency and transaction timings. Another concept implemented in FinTech is open banking. Open banking allows the third party to access the information of the bank including banks’ location and customers’ track records. The third party uses the data to create products. By opting for open banking, banking institutions gain control over their data usage. They can keep a record of how the data has been processed.