Technology has disrupted the financial services industry many times over the decades, but it can be argued that the current wave of technological transformation is perhaps the most disruptive ever. Let’s take a look at the leading fintech trends.
It is clear that the pace of change is building, with over $13.8bn in venture capital due to back fintech in 2018, compared to a mere $3.8bn in 2013. To survive in the fintech landscape financial institutions need to know what these trends are as a necessary first step. Let’s take a look at the leading fintech trends.
With new branches such as deep learning AI is capable of tackling immensely complex problems. AI can save costs, improve customer service and create new opportunities for financial institutions:
One word says it all and 56% of respondents in the 2016 PwC Fintech Survey said that they recognised the importance of blockchain. But what can blockchain deliver in practice? The applications are continuing to emerge:
The cybersecurity threat is not retreating. PwC’s 2016 Global CEO survey found that 59% of financial services respondents were either extremely concerned or somewhat concerned by cybersecurity. A multi-faceted approach can include strategies around:
Your organisation does not need to go it alone when dealing with fintech challenges and in taking advantage of what fintech offers. While the world of technology is fast colliding with the world of finance it remains a world apart in many ways.
Financial institutions are better off partnering with a technology firm that is experienced in serving a broad range of finance businesses. ELEKS is a custom software development company with extensive expertise in the fintech domain.
Get in touch to learn how we can help your organisation make the most of fintech opportunities.
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