bankingciooutlook

How Fintech Turns a Boon to the Pandemic Affected Financial World

Banking CIO Outlook | Wednesday, December 16, 2020

Cutting-edge technologies supported excellent services to customers and add on services averting from mere transaction processing have made things better for both sides of the spectrum.

Fremont, CA: The Fintech industry has been witnessing considerable growth over the last few years. Fintech has enabled immense transformation in the financial world. From traditional banking to internet banking, which has shifted from the desktop to mobile banking. The leaps that technology has taken have further changed the way people bank today, introducing everyone to digital banking.

Improvements in hardware, including higher bandwidths of data at minimal prices, new improved gadgets, and software, including e-commerce platforms, has completely transformed the payment industries. In areas where banks had a monopoly once, they have realized the competitiveness that tech-driven processes have brought in. Cutting-edge technologies supported excellent services to customers and add on services averting from mere transaction processing have made things better for both sides of the spectrum.

A recent study suggests that the pandemic could eventually end up benefiting the fintech industry by boosting the rush for digitization. The coronavirus pandemic is expected to change how society behaves as well as make digital-only the new norm for financial services. As the fintech sector navigates through the economic crisis of the pandemic, the fallout could at last end up benefiting the fintech industry by giving opportunities for growth amid adversities.

The study further notes that the fintech industry has been serving the requirements of banks across the board, offering rapidly advancing technological innovations from robotics to artificial intelligence as well as machine learning. It has provided banks with newer ways to transform their businesses without replacing core banking systems, which has ensured good growth as well as has also seen higher investments in the banks.

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