How IoT Solutions Can Transform the FinTech Industry

Banking and finance sector has come a long way from the barter system to digital payment solutions. Today, thanks to advancing fintech app development services, we have convenient and secure ways for online transactions. We have entered into the era of cryptocurrency and other financial products. 

Digital transformation in finance industry works wonders by bringing automation. As banking and financial institutions have started to pay more attention to digitization, we see the rise in the IT budget of banks globally. As per the prediction, the bank’s IT budgets will cross $299 billion by 2022. 

Another study has predicted that the global IoT banking and financial services will grow at a CAGR of over 55% between 2019 and 2027. Simply put, IoT in finance technology seems set to bring change in the way we bank. 

The Bank of Things concept has started gaining ground, and the IoT technology brings more data to the sector and assists financial institutions to provide personalized experience and improved services. 

Apart from these benefits, there are many other advantages of integrating IoT in finance technology. 

Original Source: How IoT Solutions Can Transform the FinTech Industry 

Top Benefits of AI App Development for Fintech and Banking Sector

Every sector offers something extra to customers in this digitally-driven world. Talking about the BFSI sector, it is necessary to transform the legacy working style into an online and rapid financial system to attract tech-savvy customers. 

Digital transformation in finance industry enables fintech startups and banks to offer advanced features and seamless access. Here, fintech app development comes into the picture. 

Fintech companies integrate technological advancements into the thriving finance sector to resolve issues related to human errors. But then, as technology evolves, fintech startups and other financial firms have to redefine themselves by embracing fintech software solutions. Reputed fintech app development companies can help them achieve this objective. 

These days, AI and ML technologies remain at the core of feature-rich fintech solutions. The combination of these futuristic technologies can benefit fintech startups and established enterprises alike. They can enhance efficiency and improve customer services with the help of advanced solutions. 

You may raise the question- how come AI can help the banking and fintech sectors? This post gives a detailed answer to this question. 

Major Benefits of Artificial Intelligence for Banks and Fintech Companies

Artificial Intelligence technology is useful for efficient marketing of schemes, personalized user experience, effective financial advice, and better services in the fintech sector. 

Original Source: Top Benefits of AI App Development for Fintech and Banking Sector

Digital Transformation: Accelerating The Change In Fintech

Digital transformation solutions have a significant impact on the fintech sector. When it comes to driving growth in business for companies ranging from startups to conglomerates, the fintech sector takes advantage of digital transformation. 

The pandemic age has tested the global economy by introducing new norms like work from home and social distance. In this troubled time, companies that have embraced digital transformation could perform well.

Every industry sector recognizes the importance of digital transformation, and the BFSI sector is one of the biggest beneficiaries of it. Talking about the fintech industry, it can bring revolutionary changes in the BFSI sector and makes it ready for the future. 

Digital payment solutions are just an example of what fintech can do for the finance sector by implementing a digital transformation strategy. 

Fintech gives a competitive edge and opens the doors for innovation for startups as well as established enterprises. It creates new ways for customers to access and use financial services. Be it making payments or managing wealth, people can do all financial activities using their fingertips thanks to digital transformation in the fintech sector. 

Original Source: Digital Transformation: Accelerating The Change In Fintech

Top Taxonomical Aspects for Fintech Industry to Watch in 2021

The thriving financial sector undergoes a radical transformation. In the wake of cryptocurrency and digital payment solutions, fintech startups have started leveraging advancements of technologies to offer services in the niche segments of asset management, insurance, lending, and even open banking.

Diversification and complexity of Fintech startups require functional and non-functional characteristics to understand their offerings thoroughly. Recently, Cambridge Center for Alternative Finance has given a taxonomy of financial services based on eleven different perspectives. Let’s understand the top trends of the fintech sector for the year 2021.

Top Fintech Sector Trends Set to Dominate in 2021 and Beyond

 

• Market Provisioning

This is a broad and significant aspect that involves enterprise-grade digital solutions and emerging technologies. This trend is segregated into five categories-

1. Enterprise Technology

It comprises API management and enterprise blockchain with a combination of emerging technologies like AI and ML. Fintech mobile app development solution based on enterprise technology is useful for digital accounting, electronic invoicing, and gets useful insights for management and business intelligence. The solution works by using the power of cloud computing. Enterprise technology is one of the most popular and prevalent subdomains for the market provisioning domain.

Original Source: Top Taxonomical Aspects for Fintech Industry to Watch in 2021

How Does Fintech Impact Your Business in 2021?

The fintech revolution is neither a fairy tale nor science fiction. It has started changing the shape of the financial across the world. Quick P2P loans using fingertips, payments through cryptocurrency, and virtual financial advisors- all these aspects and many other things have become a reality thanks to fintech development services. These user-friendly aspects and radical changes in the traditional way of transactions can drive the growth for FinTech startups.

The thriving finance world is no bed of roses. Though one of the most heavily regulated and known as a secure industry, several issues like lack of transparency, slow digitization, and lack of real-time ecosystem keep owners of finance companies on their toes. All these issues and several malware attacks like a Trojan horse virus Ramnit have brought up the necessity of technological advancements and an innovative approach.

This innovative technology for the finance sector is known as Fintech or Financial technology. Today, fintech has evolved beyond the BFSI sector to revamp all major industry verticals significantly. Before digging deep into the impact of fintech on various businesses, let’s go through its scope or services it offers for disrupting modern business. Several fintech solutions including Credit Karma, Mint, and Stripe have changed the way of doing business.

Original Source: How Does Fintech Impact Your Business in 2021?

Top Business Benefits of Fintech App Development Outsourcing

Fintech or financial technology plays a pivotal role in making online payment prevalent across the world. The term has evolved from a buzzword to a growing trend in recent years, as people have switched from traditional to digital payment. The fintech sector has garnered over the US $55 billion investment to date. A big credit for the phenomenal growth of this sector in a short time goes to fintech app development.

These days, more people from various communities and companies have started using customized fintech applications and leverage their benefits. Fintech apps can quickly adopt futuristic technologies like the IoT, AI (Artificial Intelligence), and Data Science for offering excellent user experience. The multimillion-dollar fintech industry has got a new boost from the apps like Apple Pay and ALIPAY.

Be it money transfer or financial planning, fintech services can assist users to accomplish various tasks. This is a reason why many companies jump the fintech app bandwagon. Even banks and financial institutions have made fintech apps a part of their systems. As a result, fintech app development outsourcing gains ground rapidly. Before digging deep into the benefits of fintech app development outsourcing, let’s go through three verticals of fintech app outsourcing.

• Fintech Outsourcing- Top Three Verticals

1. IT Outsourcing– When it comes to quicker TTM (Time to Market), reduced cost, and freeing up your internal resources to docs on more critical tasks, companies across various industry verticals count upon IT outsourcing. Small IT outsourcing services providers with niche expertise and large corporations offer IT outsourcing services for developing fintech apps with desired features.

2. Business Process Outsourcing (BPO)– BPO is referred to as a common business practice of transferring different business tasks to third-parties. Accounting or human resources-related tasks are commonly assigned to business process outsourcing companies. This technique needs to define tangible outcomes that your company wants to gain with the help of an external partner.

Original Source: Top Business Benefits of Fintech App Development Outsourcing