1. Mobile banking is trending as worldwide mobile payments are projected to grow 60% over the next two years. This increases access and control for customers using technologies like blockchain and a variety of payment options.
2. Blockchain technology is predicted to transform global financial systems through decentralization and reducing centralized processes. 48% of bankers believe blockchain will have major effects through 2020.
3. Artificial intelligence can reduce bank operating expenses by 22% by 2030 through $1 trillion in savings. AI is also well-suited for addressing rising cybercrime and fraud threats by processing unstructured data.
1. Mobile banking is trending as worldwide mobile payments are projected to grow 60% over the next two years. This increases access and control for customers using technologies like blockchain and a variety of payment options.
2. Blockchain technology is predicted to transform global financial systems through decentralization and reducing centralized processes. 48% of bankers believe blockchain will have major effects through 2020.
3. Artificial intelligence can reduce bank operating expenses by 22% by 2030 through $1 trillion in savings. AI is also well-suited for addressing rising cybercrime and fraud threats by processing unstructured data.
1. Mobile banking is trending as worldwide mobile payments are projected to grow 60% over the next two years. This increases access and control for customers using technologies like blockchain and a variety of payment options.
2. Blockchain technology is predicted to transform global financial systems through decentralization and reducing centralized processes. 48% of bankers believe blockchain will have major effects through 2020.
3. Artificial intelligence can reduce bank operating expenses by 22% by 2030 through $1 trillion in savings. AI is also well-suited for addressing rising cybercrime and fraud threats by processing unstructured data.
According to G2 Crowd, “the worldwide volume of mobile payments will
grow by 60% over the next two years.” Mobile banking puts control into the customer’s hands while breaking down barriers to access. However, this Fintech trend covers a range of payment options, including virtual currency and blockchain. The Fintech Times calls these technologies an “Internet of Payments,” and all of these choices change how consumers view mobile banking and fund transfers.
In the US, consumers feel comfortable with wallet-less options and
rally behind big players, like Google and Apple. On a global scale, access to payment options allows a greater number of people to interact with companies and complete everyday transactions without a traditional bank account. Payment options use blockchain technologies to verify identities for greater financial inclusion. While customers embrace smartphone payments, those in the financial services industry worry about how their technology stack will handle increased transactions. However, the upcoming 5G technology ensures that networks can handle higher quantities of transactions and provide a reliable experience. As more consumers leave behind their credit and debit cards, conventional institutions that adopt digital payment features will attract and retain customers.
2. Blockchain Technology
According to the report by Business Insider Intelligence, 48% of
banking representatives believe that new technologies like Blockchain are going to have the biggest effect on banking through 2020 and beyond.
Blockchain is predicted to bring about a worldwide transformation in
financial systems. It does not just provide new technology but also a new philosophy of decentralized finance that concentrates on reducing centralized procedure.
By now, Blockchain technology has inspired the development of
different online peer-to-peer financial platforms that allow monetary interactions for taking place more decentralized manner. It’s a distributed ledger technology that can improve current procedures and systems. Banks are already using Blockchain technology with the hope of reducing expenses and enhancing internal procedures.
3. Artificial Intelligence
Since bank revenues are surpassing the countries’ incomes,
undoubtedly they will adopt the AI at first. These days, banks are fine-tuning their AI solution tactics, which will enhance the greater acceptance of AI in the sector.
According to Autonomous research, AI is planned to lower the
operating expenses of banks by 22% around 2030, which means that banks can have $1 trillion savings. Nevertheless, the way toward this outlook can be difficult. Simply like other global employers, banks don’t have a lot of AI-skilled experts.
Being capable of working with unstructured information, AI is well-
balanced to manage the rising cybercrime incidents, financial fraudulence threats among them.
Artificial Intelligence has already become popular having the most
efficient client service software using some smart systems like chatbots. FinTech institutions won’t be an exception, enabling quicker transactions and providing clients the feasibility they look for.
4. Payment Innovations
In FinTech, payment innovations have many elements, including
contactless payments, mobile payments, smart speaker systems, mobile wallets, AI and machine learning for security, and identity verification technologies.
Gen Zers will be the competent driver of payment innovations.
Mobile payments will increase further in 2021. In 2018, almost 440 million people were using contactless payments. This target is about to reach 760 million through 2020.
5. Reg-Tech
The financial industry is a regulated sector and FinTech innovations
need a simultaneous growth of Reg-Tech. This indicates new tech solutions that enhance and organize regulatory procedures. Reg- Tech has evolved regarding the highest institutional demand that has appeared from the massive development of compliance expenses.
Reputed financial actors, tech firms, and legislators will work
together for introducing new regulatory innovations; however, these require time for maturing.
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