The financial services industry is trying to enhance customer experience and also trying to improve other processes through modern technologies.
FREMONT, CA: The primary mission of FinTech or financial technology is to compete with the conventional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve different process in finance industry. All the companies are on the lookout for new technologies to improve speed of service, and provide better customer experience.
Here are some of the competitive technology-driven influencers for 2020:
1. FinTech will drive the new business model
Earlier it was difficult for the new market entrants to break into the financial services industry, but the situation is totally changed. Nowadays FinTech disruptors are finding a way in. Often disruptors are those start-ups which focus on a particular innovative technology or process in everything from mobile payments to insurance. They are damaging some of the most profitable elements of the financial services value chain.
2. The sharing economy will be implanted in all part of the financial system
This year consumers will need banking services, but they may not turn to a bank to get them. In coming days sharing economy will become popular in the market, started with cars, taxis, and hotel rooms, but financial services will follow soon enough. The sharing economy also refers to decentralized asset ownership and by using information technology to find matches between providers and users of capital.
3. Digital becomes main stream
Some years ago to ride a wave of e-commerce interest ago many large financial institutions built “e-business” units. Later the initial “e” was diminished, and it became a normal form, and then technology investments and internet development drove unprecedented advances in efficiency. To advance a digital agenda, now digital waves has markers like separate teams, budgets, and resources.
4. Robotics and AI will start a wave of ‘re-shoring’ and localization
Alliances between leading incumbent financial services and technology companies, using robotics and AI have become common these days. It is used to address key pressure points, reduce costs, and mitigate risks. Their main target is combination of capabilities such as social and emotional intelligence, natural language processing, logical reasoning, identification of patterns and self-supervised learning, physical sensors, mobility, navigation, and more. It is expected that in coming three to five years they will perform more complex tasks, and will face big technological hurdles.
see also: Top Fintech Solution Companies