Fintech, or financial technology, has come a long way in the last decade. With every other financial sector moving online and using available software and web-solutions, the landscape of the industry has changed forever. It is very unlikely that people would have to visit a bank personally to get a job, and this is true for most of the allied sectors related to finance.
Experts like Nadeem Shaikh, who advise businesses on finance and fintech, believe that the new technologies would need more attention, simply because the changing graph does have a few challenges, as well. Nevertheless, fintech is all set for the ultimate boom in the next decade. The best fintech firms are located in North America, while Asia is not far behind. In this post, we are discussing what we call fintech for the future.
- Digital cash and blockchain. Finance gurus swear by the benefits of Cryptocurrency and blockchain, and most of them are firm about their positive stance about digital cash. Technologies like Etherium are likely to take center stage in years to come, and it would be interesting to see how digital currencies are going to influence economies in the long run.
- Smart contacts. Experts also believe that smart contracts are going to be important. For the uninitiated, such contracts basically use computer programs, which automatically execute contracts between seller and buyer. It will also interesting to see where open banking fits in the picture, which relies on the very concept of blockchain and can open up a whole new avenue for the banking sector. There are examples of that, but we probably have to wait as how it all works.
- Fintech for insurance. What many have termed as ‘insurtech’, fintech and its use for the insurance sector is going to be a thing for the future. One of other aspects that need attention is automation of financial advice, for which AI-based advisory apps and services are going to important.
Finally, let’s not forget that cyber security is as important as implementing fintech, and businesses have to find ways to achieve the right balance between offering services and reducing risks. The focus on customer-oriented services is likely to explode, with more apps, software and specific proprietary solutions coming to the forefront. Check online now to find more on fintech and if you have a company dealing with finance, it’s high time that you adapt to the trends.