FinTech trends in 2022 and 2023

 
YEREVAN, Armenia - June 16, 2022 - PRLog -- The financial technology (fintech) industry is growing rapidly. From cashless transactions to digital banking, here are some of the fintech trends we'll see in 2022 and 2023.

Neobanks

Neobanks are online-only banks without any physical branches. These banks provide services such as lending, investments and savings accounts, credit cards - just like any traditional bank - but completely online.

Open Banking

Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions. Data sharing can be done through programming interfaces (APIs) that give the site or app access to the bank's database.

For example, open banking will let you create applications that contain all the financial information from different banks in one place. Users will be able to receive their salary on a card of one bank, save money in another, and pay with the bank's card with the highest cashback reward.

Blockchain Technology

The adoption of Blockchain by financial companies has been slow, but considering the major advantages of this technology, it's obvious that it's going to be a trend in the coming years.

Blockchain technology is revolutionizing the fintech industry in myriad ways, such as by eliminating third parties, reducing operational time and cost, enhancing the identity verification process, etc.

Related Content: Fintech 2022 Trends: Future of Cryptocurrency and Blockchain (https://addevice.medium.com/fintech-2022-trends-future-of...)

Big Data

The financial sector receives, processes, and generates a large amount of data. Modern financial technologies make it possible to use big data to predict customer behavior and create complex risk assessments.

Here is how fintech companies can benefit from using big data:
  • Big data allows companies to segment customers more accurately.
  • Big data can help fintech develop accurate fraud detection systems by identifying suspicious activity.
  • Fintech companies can operate with greater financial confidence, manage cash flow, and offer consumers competitive fees through improved risk assessment.
  • Companies can identify customer needs and offer solutions faster and more accurately depending on user behavior.

AI & ML (Artificial Intelligence and Machine Learning)

AI and ML technologies can bring radical changes in the way financial institutions operate. Here are some use cases of artificial intelligence and machine learning.

24/7 Customer Support: Chatbots can assist fintech companies to provide customer-friendly and personalized experiences while resolving their issues soon.

Prevention of Frauds: Together with machine learning features, it is easy to find any fraudulent transactions.

Real-time Decision Making: The financial sector can leverage AI-based software and tools to make informed decisions driven by effective data analysis.

Predictive Analytics: AI tools are known for offering predictive analytics. This feature is highly useful in the financial sector for improving sales, optimizing resources, and enhancing operational efficiency.
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