Mobile banking is becoming popular among people for it offers speed and convenience to users. G2 Crowd expects that the worldwide volume of mobile payments will grow 60 percent over the next two years.
Fremont, CA: Digital-only banks, chatbots, customer expectations, and regulatory requirements accelerate innovation. The need for security, speed, and convenience in the financial sector increases as people embrace digitization. However, the financial sector is facing many difficulties in keeping pace with the customers' changing demands. But, the situation is improving with more organizations investing in technologies that give them an edge in the market.
Let us look at the current trends in fintech:
Platform as a Service (PaaS)
Customers want convenience. However, financial institutions often face difficulties to meet customers' demands while safeguarding information. As banks accede to evolving regulations, customers can gain advantages from opening APIs to customer data. With PaaS, institutions can get accustomed to changing needs with customized infrastructure that enables them to embrace cloud platforms. Statistica data suggests that competitive public cloud PaaS revenue is expected to reach 22.602 million in 2019, up from 13.872 million two years ago.
Mobile banking is becoming popular among people, for it offers speed and convenience to users. G2 Crowd expects that the worldwide volume of mobile payments will grow 60 percent over the next two years. Mobile banking gives control to the customer's hands. Mobile banking enables customers to transfer their money, pay for conveniences, and check their accounts anytime. Fintech trends cover a variety of payment options, including virtual currency and blockchain.
New technologies empower companies to predict and detect problems. For instance, blockchain's utilization in digital identity management offers additional security for both consumers and institutions. Besides, blockchain will integrate with more IoT devices in the future. Going ahead, more organizations will leverage blockchain to prevent fraud and manage both audit and regulatory concerns.
See also: Top Blockchain Solution Companies