by _comunica2punto0

#marketing Emerging Finance Technologies That Will Grow Your Business

In Marketing on 19 mayo, 2017 at 5:20

The Fintech industry is going through a storm due to the technology changes. A report shares that 56% financial institutions have put disruption at the heart of their strategy. The same source also reports that 77% institutions expect Blockchain to be an invincible part of the process in coming three years.

The figures clearly portray the way advent of new technology has created disruption across the industry. To overcome the fear of being lagged behind, financial institutions are looking ahead to increase their collaboration with young companies. In fact, out of 1300 participants, 82% say that in coming three-five years, such collaborations will increase drastically.

The reason behind disruption in Fintech is that the new tech-cohort is well equipped with the latest trends, while 88% of the participating traditional houses are concerned about losing their business to the new members of the business.

How to overcome the fear?

While 30% financial institutions have already started investing in modern technologies like AI, 54% participants consider that protection, privacy, and data storage is a major hurdle for them to adopt an innovation.

However, to assist you in growing your fintech business, here we have prepared a list of recent technologies, which can help you have your business achieve new benchmarks.

But Wait!!

Before we learn about the emerging technologies, let us try to have a little knowledge of the biggest trends in fintech that’ll be building future of the industry:

1. Startups will rule

Though the preceding year has been tough for the fintech startups, this year will write a new saga for them. In the year 2016, several giant fintech companies overtook the smaller ones. While many looks at this as a fall of startups, it is no doubts the beginning of a new era. In either case, whether you are a startup or a giant, the year 2017 has a lot in its box for you.

2. Fall in valuation

No doubts that over the past few years the value of fintech companies has declined drastically. Currently, there are around 20 companies whose value is around $1 billion or more. The market has reached a steady level and now is looking ahead for a big jump.

3. Starting from scratch

The fintech industry is now at a stage to get to the core problems in the banking system. Even blockchain is not a secret weapon that’ll disrupt banking. This will no doubts give the entire industry an overhaul. It is expected that in the current year, fintech companies will be reviving the traditional cores with the blend of modern technology.

So, now that we are acknowledged about the expected trends, let us try to know about the trends that’ll directly impact the fintech market. They are:

4. Expanding approach to AI

Artificial Intelligence is at an all-time peak. It has marked its impeccable presence in various industries. It is expected that with its growing popularity, soon we’ll find AI in the fintech industry. They’ll no doubts utilize predictive analytics to break down big data and analyze larger consumer information.

It is believed that with the advent of AI, fintech industry will focus on delivering a seamless experience to users and will be able to establish better partnerships between Fintech startups and established banks. The amalgamation will improve user experience by delivering an intuitive interface, better interaction with customers, and robo-advice.

5. Mobility is a key focus

A statistics shares that in the year 2017, almost one-fourth of the US adult smartphone users will be using one or another P2P payment app at least once in a month. With this huge bunch of users, there is a wider scope for the startups to reshuffle the workings and focus on delivering better mobility solutions to the people.

In fact, presumptions say that the mobility with new tech trends will indeed give better scope to the disruptive models to find success.

6. Wallets are new pay model

Even today we can notice the inclination of people in contactless/smartphone attached payment mediums. It is expected that by the year 2021, these contactless transactions will globally double their current figure. While people are getting attracted towards this mode of payment, Fintech companies have a wider scope to enhance the user experience by using new technology.

The primary focus shall be on availing one-click payment service, which won’t just keep the users satisfied and attached with your brand, but will also help you create a better identity in the market.

7. Biometric Security

When we talk about the finance getting online, the threat of being hacked or misuse of services increases. Keeping this in mind, the Fintech participants will also have to focus on providing a highly secure arena to the users. This is where the biometric security will step in. In future, the security standards will take a step ahead from alpha-numeric to multi-step security including fingerprint recognition, face recognition or iris recognition.

This is the time to integrate any of these in your fintech app plan to capture a larger audience.

8. Cloud is at peak

Agile cloud vendors will take over the market share of mega-vendors. Cloud computing is no new methodology for the society. According to a report, 93% of businesses are using cloud technology in their businesses. We all can notice giants like Oracle and SAP taking their steps towards cloud software delivery. This will indeed enhance the opportunities for the startups to take over the market which till date belonged to only the mega-vendors.
All you need is to start at the right time in a well-organized and futuristic manner.

Conclusion

The fintech market has faced slight trouble in last few years. Especially the year 2016 has been a tough key for the startups in particular. With the advent of new technology and a high ratio of people’s acceptance, the ball has moved into the startups’ side. They now have the entire market to capture, as even the giants will have to refurnish their products and services in order to match the current user expectations.

However, one thing has to be kept in mind that the entire flow has to move in a hassle-free manner under the guidance of modern modus operandi.

via Business Articles | Business 2 Community http://ift.tt/2qYkiA5

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