The FinTech industry will underpin all current and future developments. The below statistics are proofs of it:
More than $50 billion are invested in the FinTech industry, each year.
60% of credit unions and 49% of banks in the U.S. believe that fintech partnership is important.
In a 2015 Goldman Sachs study, it was estimated that fintech may eventually disrupt up to $4.7 trillion of revenue that traditional financial services now make.
500+ Fintechs are created every year.
This is only a small peek into the plethora of offerings that are offered. Digital transformation and customer intelligence are the determining factors with technological advances. With the present changes happening in this year, 2021 is going to be a driver for Fintech across all verticals.
The new business models based on Fintech
Fintechs are the new disruptors of technology and many of the new industries, mobile or insurance payments are offering profitable service offerings. With the investments being offered to these organizations, the impact is high. It has also been reflected in the PwC Global FinTech Survey.
COVID-19 has transformed every activity that takes place today. It has inspired E-Commerce marketers to come up with innovative and digital strategies to increase sales and attract customers. Biometrics is a safe payment method and it is being used extensively since the pandemic.
Financial companies are also headed towards providing a seamless experience to customers owing to the above changes. They are partnering with startups and medium scale fintech companies to keep up with the pace. They are exploring untapped opportunities in this field and developing end-to-end disruptive technologies.
Cyber security is inevitable
The recent SolarWinds Attack has threatened organizations to a great extent and forced businesses to build a strong and defensive wall of cyber security and save themselves from getting vulnerable.
With Fintech, the best of digitalization and finance is offered to businesses. World Economic Forum’s FinTech Cyber security Consortium has released guidelines for a protective approach towards cyber security controls.
Blockchain has proven advantageous to banking and fintech organizations with its safe transactions. It is useful in banking and safer payment transactions for customers.
Nowadays, a new technology Regtech is a use case for blockchain technology. Regtech uses information technology to streamline regulatory processes and avoid breaches. Few organizations are still unwilling to adopt blockchain but with its features like the elimination of middleman, secure digital identities, lower costs with peer-to-peer transactions, it's beneficial.
Big Data & Machine Learning
Big Data is helping organizations understand their customers and their interests, and offering services depending on it. It also helps in making smarter decisions that are safe.
With social media, websites, and details banks collect from their customers, it provides a one-to-one marketing experience and provides relevant choices. Billions of data are scanned each day and the useful ones are filtered out.
Organizations always require a stepwise procedure to navigate through the issues and get solutions for present & future challenges. With an experienced organization like Inspiredge, you get an expert Solutions Consulting team who has prior experience working on similar challenges, to help you guide you to fruition. Select us to embark to ensure maximum value with minimum disruption to your present services and get the desired ROI. Contact us to know more.
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