Fintech companies have realized that financial services of all kinds – including money transfer, lending, investing, and payments need to seamlessly integrate into the lives of the tech-savvy and sophisticated customers of today to stay relevant in a world where business and private life become increasingly digitalized. As technology advances by leaps and bounds, the fintech industry is opening doors to a wide array of services at a fraction of the price of what it would have cost before. From lending, payments, insurance, and credit, banks and traditional financial institutions are either partnering with fintech companies or developing their solutions.
Fintech has created a significant impact on the financial sectors, by leveraging some of the latest innovations such as artificial intelligence, robotics, biometric applications, blockchain, peer-to-peer lending, and so on. Using fintech trends centered around ML and AI enables organizations to know their clients’ preferences, behaviors, and expectations. This information helps offer the products and services to the target audience segments that they are most likely to pay for. The fastest-growing application area is the Chatbot—an automated program that simulates human-like conversations, or chats, through artificial intelligence. A rapid rise in the customer base and a demand for real-time customer assistance is fueling the massive adoption of AI-based chatbot technology by increasing the number of financial institutions. AI-powered automation delivers a kind of efficiency that’s set to reduce human-related error. Processes are made quicker and more precise, with humans given more tedious tasks to focus on to deliver better services.
Mobile banking and online lending are increasingly becoming popular for their convenience through their easy accessibility in smartphones. Customers can have real-time access to banking services and loan funds after quick processing of approval. On the other hand, Blockchain technology reduces paperwork as digital ledgers are updated in real-time while storing records in an unchangeable manner. The critical advantage of blockchain technology is the distributed infrastructure’s capability to share data which is secure and unalterable, guaranteeing data security & integrity. Protection from cyber-attacks is crucial in the financial sector, giving rise to biometric technology that also provides faster authentication. Facial recognition, fingerprint, and iris scans are essential to avoid identity theft and hacks.
Financial services have to be sustainable and have to be steadily expandable to get steady growth in the market. Fintech companies need to stay abreast of the leading fintech trends and embrace advanced technologies to stay ahead in this fast-paced marketplace. With more technological advancements set to improve existing services and potentially introduce more innovative processes, FinTech is expected to grow in the coming years.
This edition of CFO Tech Outlook features companies that are at the forefront of offering fintech services. To assist CIOs in identifying the most reliable companies to partner with, a distinguished panel consisting of CEOs, CIOs, analysts, and CFO Tech Outlook’s editorial board has assessed and shortlisted some of the most prominent organizations in the industry. We present to you – “Top 10 FinTech Consulting/Services Companies – 2019”.
