Fintech App Development Trends For 2021 You Should Know About

Finance technology is popularly known as Fintech. It is an integration of finance and technology to support the financial jargons with the best possible solutions. Fintech solutions have to be creative and modern. The sphere of the fintech industry is growing at an unprecedented speed. With this change, they create a massive impact on the world of payment and banking. We see these transformations in daily life experiences when we go to the ATM, use digital payment apps, net banking, etc.

Fintech is one of the very few industries that has been able to give maximum subscriber satisfaction even in the time of crisis. In Europe only, the Covid-19 phase has helped to the 72% growth in the fintech banking industry. The trend of fintech apps in 2021 is fashioned by its efficient services, security, and simple management criteria. The year 2021 has opened up a new platform for many users who are subscribing to online transactions.

■ Top Fintech Trends of 2021:

• Artificial Intelligence

All around the world, companies are trying to reduce the expenses of public services. Fintech has adopted the idea very efficiently. Like other banking sectors, Fintech is also trying to incorporate artificial intelligence in their service.  The unending advantages of Python programming language has made it possible to incorporate AI in fintech. Leading Fintech companies are now looking to outsource the Python Development Services in order to integrate AI in their systems. They have a target to reduce the expense by almost 25% by 2030.  They are also taking up the responsibility of surveillance on cybercrimes to ensure the security of customers. The rise of artificial intelligence and digital facilities has ensured the security of the online transfer.

• Conversation Facilities and Chatbots:

Conversation between the staff and customers has reached another level with the rise of chatbot and other messaging facilities. Fintech is bound to reach up to the people with the best mode of conversation. Availability of required services and non-hazardous conversational mode is taking over the industry swiftly. This is a significant process because with changing times, people are getting more and more drawn to instant messaging, messenger, WhatsApp and other such applications.

• Robotic Process Automation:

Robotic Process Automation or RPA is already a familiar technology within fintech. Many subscribers use this facility of the autonomous domain and artificial intelligence very casually. Some processes like security checks, customer onboarding, reporting, storing data and many other things can be done by the machine. Manpower can take care of other works which require manual operation.  Automation is a crucial factor in fintech because it ensures accuracy and can keep track of individual choices and demands.

• Biometric Solution:

Biometric is one of the latest technological gifts to keep us safe from cybercrimes. The official works, including cash withdrawal and others, have become easier and consume comparatively less time. Fintech companies must adopt this system to initiate safe and simple banking. Biometric provides confidence to the users and organizations that their data is considered private and kept protected. Especially, the post-Covid-19 situation has led people to avoid using cash and paper documents. So, the contactless biometric solution has taken over the place of previous practices.

      ●Open Banking: 

This is where banking and financial technologies get merged. It is associated with the PSD2 (Second Payment Services Directive). It helps the companies to handle their data on a more secured ground. Fintech can share data with genuine companies simply and efficiently. Many companies are of the view that open banking is the future of the banking sectors. Reports show that open banking has made a profit of $7.29 billion in 2018 and is expecting $40 billion by 2025.

FinTech employees, API industry figures, banking institutions, clients and many others enjoy these advantages. The collaborative approaches from ally companies also can help reap benefits.

• Reg-Tech:

Regulatory Technology (RT) manages the regulations in the financial sectors with the help of technology. RT helps majorly in monitoring, reporting and compliance. It uses advanced software to simplify the process with various regulatory measures. Regulatory measures taken in recent years have aided in the stoppage in draining of money, internet frauds, data breaches, and cyber hacks.

• Voice Assistance:

Voice assistance is a very advanced feature and very easy to use. We have wide exposure to voice assistance devices like speakers, smartphones, and other smart devices.

In the year 2019, the numbers of digital assistants were almost 3.25 billion. Above 70% of citizens in the USA use voice information. Voice search is very handy and could be added in the fintech. It can be used to execute a lot of services like payment details, credit checking, date of transactions, statements, insurance policies and many more.

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• Blockchain Technology:

It is assumed within the banking sectors that blockchain will bring a revolution in financial market strategies. With this new technology, comes a process of decentralization in finance, which lessens the centralized processes. Banks are currently using blockchain technology to reduce expenses and give internal processes mobility.

A report by Business Insider Intelligence shows that 48% of officials in banking services believe that technologies like blockchain are sure to bring massive transformation in this field.

• Payment:

Fintech has several payment options for the users and these are quite innovative. Smart speakers, mobile wallets and artificial intelligence are some of them. It is needless to say that the activity of mobile payments will increase to the maximum. Mobile wallets and online payment sometimes fetch you gift coupons, scratch cards, discount offers and many other attractive and creative features. These creative approaches have drawn a lot of people to the domain of mobile payment.

• Alliance for Financial Inclusion:

Using fintech is advantageous for both users and its ally companies. Fintech services can be risky sometimes if it is executed without any clear strategy. People who are already scrupulous with such tech jargons, tend to step away from subscribing to it.

            With the emergence of the Alliance for Financial Inclusion (AFI), it has been possible to incorporate the bigger financial sectors. They now come to the help of each other to make bigger economical transformations.

So, these are some of the fintech trends that are emerging recently and it is one of the best industries to bring revolution in the banking and payment sector.

Author bio

Harikrishna Kundariya, a marketer, developer, IoT, ChatBot & Blockchain savvy, designer, co-founder, Director of eSparkBiz  Technologies. His 8+ experience enables him to provide digital solutions to new start-ups based on IoT and ChatBot.