Top 5 FinTech Trends In 2022

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By blueribbon

FinTech refers to the convergence of finance and technology to simplify financial transactions for businesses and customers, making them more accessible and more affordable. Fintech solutions utilize AI, big data, and blockchain solutions to make financial transactions secure, and ensure faster turnaround and better visibility thereby improving business operations. Mobile Banking solutions, Mobile payment apps, Digital Lending Solutions, Insurance, Trading, Cryptocurrency, & Blockchain solutions are some of the many fintech use cases which have revolutionized the way previous generations used to see finances. FinTech's role in society has become more important than ever, owing primarily to Covid-19. FinTech has played a pivotal role in ensuring inclusivity by making financial services available to many who may have never used them earlier. FinTech companies are spreading awareness to people and creating a more financially inclusive world by providing access to essential financial services such as mobile money and e-wallets. The accelerating pace at which the financial services industry has adopted technology has led to the emergence of new business models to satisfy every increasing consumer appetite for convenience, improved features, ability to securely make instantaneous transfers, trade, and invest across digital, mobile, and physical channels. And this is just the beginning. According to an Allied Market Research report, the global financial technology industry is estimated to be worth USD $110.57 billion in 2020. It is expected to grow at a CAGR of 20.3% to USD $698.48 billion by 2030. Here are the top five fintech trends to look at in 2022:

Artificial Intelligence & Machine Learning

AI is rapidly penetrating almost every industry. It has a wide range of applications in finance. Machine learning apps empower the processing of large amounts of data sets and extend valuable conclusions, which can influence effectiveness as well as provide efficiencies, including time-saving opportunities, by utilizing its algorithms. It analyses patterns in real-time, allowing for faster decision-making. AI/ML is already being used in many financial services applications for everything from detecting fraud, lending approvals, and AML screening to threat monitoring and investment forecasting. Machine Learning is constantly in flux, and FinTech will remain one of the leading industries to reap the benefits of AI/ML.

Blockchain & NFTs

The blockchain is a publicly accessible decentralized and digitally distributed ledger. Entries in the blockchain are immutable, which means that no one can go back and change or delete an entry after it has been made. The most obvious advantages are recordkeeping and security, which almost all financial firms can use. A non-fungible token (NFT) is a token created cryptographically. It is linked to a single digital asset that, thanks to blockchain technology, cannot be replicated. NFT digital assets are represented as tokens that demonstrate the provenance of unique assets. Artists, content providers, and game developers are promoting a new wave of cryptocurrency adoption. Cryptocurrency Trading Apps, Crypto Real-time Dashboards, and NFT Trade Apps will be in high demand.

Robotic Process Automation

Robotic process automation entails delegating simple manual tasks to software robots that follow rules. This technology has the potential to save financial institutions of all types a significant amount of time and money. This frees up time for employees across the organization to work on more creative and human-centered tasks, resulting in higher job satisfaction. It can handle data-intensive manual tasks like data entry and account reconciliations and help with payroll. RPA can also help with business operations in the financial services sector. It has the potential to optimize a company's resources, allowing it to cut costs while remaining competitive in its product and service offerings.

Embedded Finance

Embedded finance is the provision of financial services by organizations that do not have a financial background, such as retailers and large IT firms. This trend has been accelerated by FinTechs' Banking as a Service (BaaS) option, which allows enterprises from a variety of industries to create their own banks and digital accounts. By providing financial services, these companies may be able to improve their customer relationships, enhance their offerings and make more money.

Cross Border Payment In Real-Time

In many countries and regions, approximately 50 real-time payment schemes are in use. The immediate payment settlement is popular because it gives businesses a competitive advantage, reduces the likelihood of payment failure, and improves cash flow efficiency. As domestic payment schemes become more widely known and used, the possibility of making real-time payments across borders will become more common. Final Word Technology is rapidly disrupting the banking and financial services value chain, reshaping roles, models, and competitive environments. These key trends will foster more creativity and revolutionary business models in financial services. Blue Ribbon Technologies develops the most adaptable, robust, and high-performing fintech solutions from the ground up or revamps your existing ones. Benefit from a user-friendly and customized fintech application for your brand. Get in touch with us TODAY.

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