Along with my brothers Monir Islam and Ehsaan Islam, we have advanced BE’s transformational software suite to be a valuable part of the empowering changes in the fields of fintech, education, lifestyle and travel. As entrepreneurs, we have the power to change the world for the better and I strongly believe in it. Financial technology is an industry that has evolved rapidly. According to the EY fintech report, the universal adoption of fintech services increased from 16% in 2015 to 64% in 2019. Even in 2020, fintech continues to influence sectors like payment, artificial intelligence and banking. The notable trends observed are as follows:
Personalization powered by Artificial Intelligence
We target every customer’s individual expectations and needs through AI driven automation technology. Unlike adopting customization by using demographics and manual customer segmentation, we can now get a real-time view of the customers with full context across channels, understand their behavior and perceive their needs in a better way thus pushing the sales to a new high.
Robotic Process Automation (RPA)
Robotic process automation (RPA) is helping financial institutions to become more efficient while ensuring that they meet federal and state compliances. These modern RPAs observe what humans do and then automatically improve the processes. The processes that leverage RPA include risk evaluation, customer onboarding, verification, security checks and other repetitive administrative tasks.
According to Gartner, chatbots will interact with customers for 85% of banks and businesses by the end of 2020. I think that by lessening human involvement in these interchanges, productivity and speed can be improved.
Blockchain is making processes more effective in the financial services sector. Fraud and identity theft costs the financial institutions huge money annually and blockchain has the potential to protect them from significant losses. Financial institutions are using blockchain technology for smart contracts, digital payments, identity management, and trading shares.
Mobile payment innovations
Mobile payment innovations are being introduced in order to do away with traditional wallets as the consumers across the world are now less reliant on cash. New features such as biometric access control, inducing fingerprint, and face recognition are being rolled out and will soon replace traditional structures.
Undoubtedly, financial institutions are testing new technology to enhance operations and improve customer service. These five trends will shape the future of Fintech.
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