Financial technology, or fintech, is one niche that’s gaining momentum in time. Initially, technology in finance sector was all about backend automation, but with changing times, the approach is now more customer-oriented and about end-to-end applications. Business advisors like Nadeem Shaikh believe that fintech is set to explode further in the next decade, and businesses in the financial sector that don’t adapt to the trends are likely to face the brunt. So, what can you really expect in fintech in 2019? Here is a look at some of the critical aspects.
Gone are times when customers would have to visit a bank whenever they needed help with a service. Today, it is all about apps and Software as a Service. This year, the trend is more about personalized services on the digital platform. From insurance to banking, everything is now online, and it is expected that more brands will follow the course. As far as investments are concerned, the return on investment (ROI) is likely to be huge, given that the number of internet and web-based service users is increasing by the day. It also means that engaging customers digitally will not be an east task for many businesses, so finding new ways and innovation will be important.
Robotic Process Automation (RPA)
Automation has been one of the foremost aspects of fintech investments, and in 2019, more companies and financial services are likely to adopt Robotic Process Automation (RPA). Robotic Process Automation (RPA) has a few serious advantages. Firstly, it gets away with the human errors and makes jobs easier. Secondly, it also ensures that the system remains transparent. Applications that use RPA have increased exponentially over the years, and if the market is any cue, the same is likely to expand in days to come.
From automated advisors to specific use of machine learning, artificial intelligence is the next big thing in fintech, and it remains to be seen as how different financial sectors adapt to the change. The use of artificial intelligence is multidimensional. Investment and initial implementation are primary challenges, but also remains to be tested is how customers and end users reach to the use of artificial intelligence on various levels.
Finance services and allied businesses related to the sector need to rethink, reimagine their expertise and services, so as to cater to the customers better. In 2019, we are likely to have more case studies to consider.