5 Fintech Trends and Financial Services Trends for 2020

Fintech technology is now in trend to make the financial services simple and easy. With the constant development of fintech new features and functions, it is important for the fintech app development company to cover the current and futures ones that are currently developing.

The new trends of banking bend towards the customer oriented. Only product services are not enough, the users should feel the experiences. Engaging customer is a new trend for business. Customer have keen to come on your website naturally. They are unable to digest when something is doesn’t work out according to their needs. They want you to challenge all the odds and emerge victorious like a pro.

However, there will be a lot of major changes takes place in 2020, as in the rise Fintech app development continue to be accelerate. Fintech technologies has transformed and innovated various services through the emergence of new technologies to fulfill a need of their customer requirements.

It all about innovation that helps in the upgradation in fintech development. The Fintech startups have the benefit to working independently that’s the reason Fintech rising faster than the companies which follow traditional method for financial services. Here we are focusing on Fintech and Financial services which need to be follow every fintech app development company.

AI and Robotics – We all see that AI is using in almost every sector other than customer services. Analytics, risk assessment, investment, logistic and supply chain management can be using this technology for streamline and more efficient process behind the scenes.

In the early stages, bankers used to have personal connection with their customer to understand their behavior. But in the digital age, technologies took the place of bankers to maintain the connection. Artificial Intelligence and machine learning can process the huge amount the information data of customer. This data and information can be used to analyses the human behavior and banks and other financial services can cater their customer customized services and can achieve customer satisfaction at higher level.

Voice Recognition – Voice recognition technology is already gaining traction in various sectors and several fintech leaders are already helping financial organizations and banks to serve their customer hand-free banking services.

Companies who are focusing more on voice recognition with every piece of software released. As most customer using smartphones for banking services, voice payments become a natural substitute for tapping on the go.

Conversation Interference – According to the Gartner by 2020, Chatbots will interact with customer of 85% of banks and financial organizations. By eliminating human interaction in conversation productivity and speed improves. In fact, according to the report it is found that chatbots has reduces save over 4 minutes on every transaction. Customer of financial area will more relay on chatbots as it provides 24*7 services., instant response and instant resolve query to improve banking personal services.

Blockchain will shake things up – Blockchain in the near future expecting to offer terrific potential to wide range of industries by bringing radical changes into business models and operating process such as payment method, payment transaction, and other insurance sectors as well.

Blockchain in financial services still needed testing, they can make relation with their customer with more transparency. This technology increases more loyalty, reduce the transaction time and significantly increases the cash flow. The initial attempt for use of this technology will turn around the improvement of fund raising and KYC fraud detection.

Mobile Payment Innovation – One of the best things in the fintech is the growth of mobile payments. Consumer wants to make faster, easily and invisible no matter where they are. Days are gone where people have to spare sometime to go bank and standing in a queue for their banking services. Google, Phone pay, Paytm< amazon and many other companies have their own payment platform where consumer can do many financial services and this mobile payment innovations is continuing to grow with their features and new upgrades like biometric access control, inducing fingerprint and face recognition.

Conclusion –

Fintech app development has continued to evolve with new technologies and continue to develop fast. The five-trend outline the most significant movements and changes that are predicted to happen soon and shape the financial services in the upcoming years.

Hopefully, this article will help you see a complete picture of all the influences on the modern financial industry and a process of its digital transformation.

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