The 8 trends in the field of fintech are completely changing the banking system ✅ The 8 trends in the field of fintech are completely changing the banking system

The 8 trends in the field of fintech are completely changing the banking system

The 6 trends in the field of fintech are completely changing the banking system 

Over the past decade, various fintech or economic technology firms have been transforming the banking system using new technologies, innovative cultures, data and advanced analysis. 

The 6 trends in the field of fintech are completely changing the banking system

Post Index: 

1. Quick payment by adjusting between multiple channels 

2. Invent new payments 

3. Open banking  

4. Investment in technology  

5. Solutions through outsourcing  

6. Embedded banking and platforms 

7. Specialized digital loans  

8. Involvement of customers personally 


Different fintech firms around the world have shown success in different fields. As well as various factors such as innovation, payments, infrastructure, access to financial services and sustainability have affected the banking system as a whole.

Again, the ongoing epidemic has accelerated innovation in the banking industry as consumers are increasingly interested in adopting digital financial services. Both conventional and non-conventional financial services institutions have tried to make banking easier as financial transactions have been hampered by the epidemic. As a result, we have to try to solve banking problems more quickly and smoothly.

Let's take a look at 7 trends that are deeply affecting the banking industry in this current of digital transformation. 


1. Quick payment by adjusting between multiple channels 

Among the various fields related to banking, the payment method has been the most researched. Payments are becoming faster, safer and more saturated in every part of our lives. Because consumers want to be able to perform transactions with the push of a button on a mobile device. And that is why the method of transacting money between 'Omnichannels' or multiple channels is gaining importance. 


2. Invent new payments 

Not only has the pace of payment increased, the pace of innovation of new payment methods has also increased. As seen in the case of other financial products, new payment methods are being introduced before the advent of consumer protection regulations. As regulators formulate policies that monitor the various risks associated with the new system to consumers, financial institutions also have the opportunity to create competitive solutions through more transparent and improved models. 


3. Open banking 

Open banking has become one of the most important global trends in the banking system. The ability to use customer feedback for personalized and relevant solutions is opening the door to collaboration. This has opened the door for developers to solve new problems through a completely new revenue model. They no longer have to depend on economic products alone. 


4. Investment in technology 

Investing in modern technology is an area of ​​transition to digital banking that separates large banks and new fintech firms from regional and small-sized enterprises. Investing in technology is an important factor in becoming a successful digital provider. 


5. Solutions through outsourcing 

Many financial institutions are collaborating with fintech providers and third-party developers to keep pace with this trend of change. The benefits of testing solutions and implementing programs at a faster pace would not be available if they solved them themselves. Fintech firms that want to expand their product offerings or use back-office technology beyond a single solution are also using this strategy. 


6. Embedded banking and platforms 

The future of economic services is also being created through old delivery mechanisms and conventional products and services. The use of data and the proliferation of applied analytics have made it easier to provide banking services such as payments, deposits and lending. As a result, consumers and small businesses are realizing that they no longer need conventional banking to meet their financial needs. 


7. Specialized digital loans 

Many conventional digital lending companies fail to meet customer expectations.  In most cases, their lending process is very slow and they have to do it on paper.  There has been no significant change in these methods in the last few decades.

As a result, banks or fintech firms working with technology are gaining popularity among customers.  Fintech firms are providing digital loans on a large scale based on technology experience, modern technology, marketing skills and low cost transaction methods.  


8. Involvement of customers personally 

Banks and other fintech firms are increasing customer engagement by providing communication and personalized experience-based offers with customers through data analysis and modern technology. As the number of consumers using digital channels grows, so does the ability to reach customers through customized social media, digital marketing and mobile app messaging. 

ARMAN ISLAM

I am ARMAN, the founder of this blog as well as the writer. Creating this blog with the intention of sharing what I know about online technology with people.

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