Upcoming Trends in Fintech Industry
Fintech industry is at rapid pace of transformation. Digital and crypto currencies have started to dominate the sector. With the advancements making their way in the market new trends are evident to happen. Upcoming trends will not affect only the leaders but also small organizations would be benefitted from the same.
Increase in Points and Loyalty as Currency
Cash has and always will remain an inevitable form of currency but with digital advancements, points and loyalty will become the face of digital currency. These points can be redeemed at the time of purchase with a similar value of the currency. Each purchase will credit buyers with some points as rewards that can be used in next purchase. Businesses, especially E-commerce have already started to integrate the idea to entice customers.
Blockchain and Crypto into Application
Cryptocurrencies have already gained enough popularity and so as blockchain but have failed to find much of real-world applications. Investors already have started to show interest in the blockchain technology which will lead to industries embracing cryptocurrencies and blockchain and further result into their real-world applications. Fintech industry probably would be the most to optimize crypto.
Utilization of AI and ML
Fintech sector will see a gradual adoption of artificial intelligence (AI) and machine learning (ML), especially by small organizations. AI enabled tools such as chatbots hold the capability to provide enterprise level of customer service. Data analytics through AI is much easier and efficient, leveraging banks to understand market needs to cater to the underserved section of customers. Also, with combined efforts, AI and ML fraud prevention can be achieved.
Shift Towards Real-Estate
As most of the process of banking organizations would get automated through tools and applications, a gradual shift in the industry will be observed towards real-estate. The digital age has put all transactions to digital mode giving sufficient time to banks for stretching their arms in new domains.
Stride Towards Real-Time
Financial and fintech institutions together will take steps in the direction to make real-time payments more ubiquitous. Although, the goal may not be achieved completely certainly a milestone will be achieved. Real-time payments have become the need of the hour and institutions able to provide the same will certainly witness an influx of customers.