FINANCIAL TRENDS TO WATCH: Where technology meets finance

It has been a while since the world has shifted online and we can find most things a click away. Everything, from groceries to clothes, is available for purchase on our screens. Financial services are also keeping up with these trends. Even though most of the services have been taken online, people are skeptical about the utility and overall safety of these features. Still, banks and other firms are using new tech in many ways to improve customer experience, streamline processes, and expand services. By implementing concepts like Artificial intelligence, blockchains, and automation, industries are transforming the world.

So what are the various FinTech services you should watch out for?

Here goes!

1. ARTIFICIAL INTELLIGENCE: AI is no more just a fancy movie concept. Industries across the globe are using AI to make their lives easier and services impeccable. AI is incredibly helpful in managing potential risks, detecting frauds and also in identifying data patterns with minimal human intervention. A study from Accenture found that 54 percent of bank customers wanted tools to help monitor their budgets and make real-time adjustments, with 41 percent saying they were “very willing” to take financial advice from AI.

2. BLOCKCHAIN: Blockchain is set to be the new security measure that will dominate the world of FinTech. It has multiple points of verification, hence it will be a perfect security solution. Blockchain promises security and accountability in the products and services scenario. This is rather cost-effective, as it makes peer-to-peer transfers in a decentralized network. This ensures that there are no intermediary charges. Financial services firms will be utilizing blockchain technology more as popularity grows.

3. CHATBOTS: Chatbots were unable to provide human-like experiences and were rendered obsolete. However, with technological advancement, chatbots made it back. All thanks to the power of AI. AI-powered chatbots are making transactions feel more humane. These chatbots are the ones who answer so many of our queries on a daily basis. Gartner predicts AI-backed Chatbots will handle approximately 85% of the total business-customer interactions by the end of 2020.

4. AUTOMATION: Automation can be used to tackle tasks faster, make repetitive work easier and make our lives smooth and flawless in general. It also increases efficiency by many folds. Automation is mostly done with the help of bots. Many of us interact with these bots on a daily basis. Furthering their use, banks and other financial firms use them to automate some internal tasks as well.

5. DATA ANALYTICS: Data analytics is an important tool for financial firms. Data analytics helps firms in decision making, product development, risk management, etc. It also enables them to detect fraudulent activities successfully. The technology also helps financial businesses revise past performances, optimize ongoing tasks, processes, and functions. 

With so many new inventions each day, the rise of modern financial technology won’t stop here. we will be making use of FinTech more often now. Our world will keep getting smarter, more efficient and be full of new opportunities.