Hello everyone ,
I don’t need to introduce the Fintech Industry here, as everybody is aware of it already. This industry is constantly evolving and improving and 2023 is no exception.
Users are becoming more tech savvy nowadays. Even the banking industry has experienced a massive surge in adopting fintech solutions.
I have researched about it and have noticed top 6 trends that may define Fintech in 2023 and it will make our life stress free. Let’s see those trends:
AI & Machine Learning
Undoubtedly, the first trend which I spotted was AI technology and this is fintech’s future. Fintech companies can leverage both technologies to automate processes like loan origination or fraud protection while providing more accurate insights into customer behaviour.
Software as a service is another hot trend nowadays. With SaaS services, companies can access and pay for software applications hosted in the cloud without installing them on their servers or computers. This enhances the security protocol for data storage and management at a much cheaper rate.
Blockchain is a digital ledger that records and verifies different types of transactions. It allows individuals, organisations and machines to securely transfer digital assets without relying on any central authority or third-party intermediary.
Open banking is a financial technology that allows customers to securely share their financial information with third parties, offering them more control and flexibility over their finances.
The term “embedded finance” describes a broad category of financial services and products that may be used within a certain framework or platform.
“Buy Now Pay Later” is the fastest-growing embedded finance model. Customers can make their purchases first and split out their payments over time with this service.
IoT enables physical devices connected to the internet to collect data, analyse it and then act on it without human intervention. The implications for fintech are vast as IoT has made banking more secure, efficient and convenient.
So, what’s your thought on this? Do you think the same?
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