Fintech, formally known as Financial technology, is an economic group of companies that utilize technology to provide financial services efficiently.

The use of smartphones for investing, cryptocurrency, borrowing services, and mobile banking are only a few examples of innovations aiming to make every financial assistance more accessible to the public.

Fintech is the new products, business models, applications, and processes in the industry of financial services. In this article, we are going to cite a few of the exciting and more advanced Fintech Trends that people look out for in 2020.

Making Payments On Your Mobile

One of the Fintech trends that everyone awaits is the “Internet Payment.” You can now transfer money, pay bills, and enjoy making purchases using your mobile devices through mobile banking. This does not only limit to efficiency and quicker service but even gives an exceptional transactional transparency and a higher level of control.

Mobile payment applications are not only limited to banks and other Financial Institutions but are also available to other digital services like China’s WeChat and Uber. Today, some people do not even carry their wallets with their credit or debit card. Almost every transaction can be completed using your smartphones.

New Regulations

The latest innovations are making online banking processes safer and more accessible to clients. However, we also need to take note that financial institutions are still businesses. They will attempt to earn your money and win you over as their customer. Just like traditional banks, regulations are set to make sure both parties are protected.

As expected, banks are expected to function with transparency. This way, mismanagement and fraud cases will be reduced. Likewise, these directives are in place to prevent customers from hiding and cheating from authorities. With the new regulations, newer established institutions will be able to get on a level as the established banks.

New Level Of Personalization

Walking inside a bank and listening to one of their staff addressing you using a salutation, offering tea or coffee while you wait, is pleasing. This type of service is only given when you personally show up at these financial institutions. But, with today’s computer age, a brand new kind of personalization is growing fast.

As the number of people switching to digital banking, big data is beginning to play a significant role in customizing offers to clients. Thanks to big data and artificial intelligence, digital banks and financial institutions can monitor their client’s online social habits and behaviors.

Blockchains

As we know, cryptocurrency and Bitcoins are synonymous with blockchains. But what is it? And why is it crucial to fintech? In case you do not know, a blockchain is a structure that lets information be shared without being altered. This means, people will be able to see and add new information but cannot delete a piece of available data within the chain.

This transparency level is vital for financial institutions and banks as everyone can see what is going on, but no one can alter it. This significantly refined the security practice around digital institutions.

Because of today’s fast-paced world, people need a technology that not only improves work processes but also speeds up transactions and increases technology, and that is what this blockchain technology does. Its latest improvement, like digital identity management, ensures security for both customers and financial institutions.

Takeaway

Nowadays, technology has given us a lot of innovations that not only provide us with fun but even to provide us with convenience and security. Doing a bank transaction through your mobile phone is one of the most convenient innovations ever created by Fintech, something that everyone can take advantage of.

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