Exploring the Latest Trends in the Technology-Driven FinTech Sector
Even if you don’t have any interest in technology or finance, it’s clear as day how much of an impact the former has had on the latter. However, with the rate of advancements, it can be pretty tough to keep up with the latest and greatest in the world of fintech. For those curious to learn about what’s been propelling this industry forward, then you’ve found yourself in the right place.
The Impact of Technology
Across all industries, the impact of technological advancements has been undeniable. In the case of traditional banking, long gone are the days of relying solely on brick-and-mortar banks to receive the services we need. Instead, we have the option to access the majority of necessary features from home, be it through a banking app or site. From making payments online to opening a savings account or even taking a loan, the options appear to keep expanding.
We can even see how traditional sectors like that of bingo have adapted to these advancements, by offering their services online. Now, players can opt to play free bingo games at Paddy's rather than heading off to a bingo hall. These changes show how advancements in technology have allowed for an unprecedented level of convenience for the consumer.
Technology has shaped our financial literacy skills, as now we have access to a plethora of information that can assist us with making better, informed decisions. There are even budgeting features implemented in banking apps, making it easier than ever before to be financially smart.
Emerging Trends in FinTech
Not that long ago, crypto was something that was enjoyed by tech-savvy people or those with a passion for trading and investing. However, blockchain technology is slowly becoming more commonplace, and, dare we say, mainstream, as more companies are accepting this payment method. Even global neobanks such as Revolut allow their users to easily purchase, sell, and stake crypto along with their standard services.
Artificial intelligence (AI) has been the latest buzzword that has been making waves across different sectors. There’s no denying the fact that it has a myriad of practical uses in fintech. Namely, we can mention aspects such as robo-advisors, which are AI-powered investing assistants, and chatbots, that can provide help to users with basic queries.
To round this list off, we’d like to mention open banking, or open bank data. This would entail providing third-party financial service providers complete access to a consumer’s entire banking data via application programming interfaces (APIs). While this may sound like it could be a potential privacy concern, this is only possible with the consent of the consumer and can actually simplify several aspects of banking such as financial advisors being able to access your complete data from various accounts, allowing them to offer more personalised suggestions.
There seems to be no stopping when it comes to innovation in fintech, which is why it’s an exciting sector to keep an eye on. Especially when considering that few other industries are as important to our day-to-day lives as that of finance and technology.
