There wasn’t any doubt that 2018 was revolutionary for FinTech. So what changes should we expect in 2019? In this article, we prepared the list of the important trends that would contribute to the FinTech domain. If you want to know more about them, here are the top five technological features in 2019.
1 Mobile App Payments
Mobile app fintech development modified the way of payments in the last years. Jeffrey Pilcher predicts that mobile transaction won’t be slowed down soon: in 2022, bank branch might be dropped by 36 percent. 2019 might be a revolutionary year for mobile payments. There is an assumption that 36 percent of smartphone users will use them more than several years ago. Does it sound exciting, doesn’t it? And you may ask why mobile payments are becoming widespread currently? I guess that the explanation of this trend is simple: mobile apps make more cost savings and cheaper transactions.
2 Blockchain System
The main benefit of blockchain adoption is its efficiency. Despite bitcoin collapse that happened in 2018, PwC considered that FinTech would implement this technology for 71 percent in 2020. What are the other positive features that make blockchain a sure-fire solution for tech companies? The answer is obvious: transparency, decentralization, and data protection are the essential qualities that such technology brings to them.
3 Artificial Intelligence
The value of the Artificial Intelligence (AI) is high: its ability to be easily integrated with cloud, security, and analytical solutions makes it competitive in tech market. If you think about applying the AI to your business, it should be a great alternative for you! The key advantages that this technology might give to FinTech are process automation and fraud detection. The experts also admit that AI will be helpful for logistics and cybersecurity fields. So it has all chances to revolutionize the financial technology industry in the future.
4 RegTech or Regulation Technology
Regulatory compliance is obligatory for FinTech. Regulatory Technology, known as RegTech, uses the information technology for the financial services to increase their regulatory processes. In the FinTech, it’s a useful technique that provides the effective risk management. And it might become the leading trend for the financial industry in 2019. The research conducted by Crowd Learning Hub proves this assumption and it indicates that the RegTech investment will be increased by 500 percent in 2020. The other benefits that the FinTech can obtain from this technology are efficient identity management and transaction monitoring. As you see, RegTech isn’t only a buzzword, as it has made a real positive contribution to regulatory compliance.
5 Voice Recognition Technology
The voice technology is an AI-driven technique that improves customer service in call centers. For the FinTech, it eases banking transactions for the clients who use a voice recognition on their devices. Also, this technology is essential for the personal accounts for the banks and their clients. They can track their financial balances and transactions without any problems. Well, it seems to be great, right? And what is the other perk of it? Despite the banking industry, retail and insurance spheres could be also influenced by the voice recognition technology. For example, Starbucks, a huge coffee giant company, has recently implemented a Siri ordering system for its clients. The feature will allow them to place and manage their orders via messages and voice recognition technology. In the insurance domain, it’s possible to communicate with physicians and doctors about medical appointments. Does it sound revolutionary for the FinTech? We think that it does. And the voice recognition technology with the AI authentication system is the best option for your business.