5 FinTech Trends to Know About

Published on: 03 November 2021 Last Updated on: 18 January 2025

Financial technology is a trend that many businesses are finding advantageous. It does not matter what industry it is. Almost every business benefits from financial tech somehow. The field is changing, so it can be hard to know what the latest information is. Keeping you and your company up-to-date with the latest software and tech is necessary to keep your business efficient and finances secure. Traditional banking is becoming obsolete, so here are five fintech trends that you should know.

1. Cybersecurity Advances

Trends and technologies that were on their way to becoming popular have leaped forward quickly in recent times. According to Swedish electricity entrepreneur Thommy Stenvik, many businesses and organizations have adopted these new and innovative solutions recently. It should go without saying that cybersecurity is one such solution and is essential for any business.

Businesses need to make sure that they are using the best solutions and practices to keep their companies safe and secure from any outside attacks to remain effective. Companies need better cybersecurity protocols with so many people using online and mobile banking. Financial institutions will have to comply with these rules to keep their customers happy and avoid any issues.

2. Blockchain Technology

Blockchain technology is a popular trend that is not going away anytime soon. More companies are creating cryptocurrencies, and an increasing number of retailers and banks are accepting this innovative form of money. Blockchain offers a way to have ultra-secure payments, which reduces the chances of fraud.

As banks navigate this trend, they will have to use new financial technology to give them an edge over other banking institutions. However, blockchain technology implementation should not be too difficult for financial institutions, as their technology is more suited than businesses in different industries. Cryptocurrency and blockchain should be implemented by more institutions in the future, as it has the potential to hold an impressive percentage of the world’s GDP.

3. Mobile-Only Banks

More banks are leaning towards reducing or eliminating their physical locations and focusing solely on mobile banking. As banking applications have become more advanced, this shift will more than likely only continue. It is possible to accomplish tasks on banking apps that you previously had to go to a bank to perform.

New, mobile-only banks offer many advantages, like contactless payments with no fees, paying globally, and easy transfers. Even if a bank does not plan on becoming mobile-only, their app must be secure, fast, and convenient to serve more customers. This trend demands a new approach to coding, development, and design.

4. Robotics

As artificial intelligence becomes more advanced, robotics and AI will become more prevalent in banking. Many tasks can be carried out by a machine, like internal operations and customer service. It is happening now with not only banks but online shopping and other sites as well.

Chatbots can help a customer, and a human usually only takes over if the question or concern is too complex. Instead of having to call customer service for every inquiry or issue, customers have the option to use a chatbot any time of the day. Robotics also can potentially take over processes like identity verification and loan processing, making these processes faster and more efficient.

5. Payment Innovations

Gone are the days where cash or card were the only options for payment. Now you can choose from any number of digital wallets, PayPal, Apple Pay, and more. To keep up with new payment options, banks will have to adapt. Fewer people are carrying cash and only have cards.

Because of this, digital wallets have become more of a mainstay. Instead of having to bring cards, you can use your phone. When shopping in person, many places allow contactless and digital payment options. Banks can adapt to this trend by having more flexible banking apps and different options for payments.

These five trends in fintech need further research, and banks need to implement some of these. Traditional banking is no longer the most popular way to manage your money, and banks need to adapt to this. Mobile banking, cryptocurrency, and robotics are just some things that can make banking better for customers. If the customers are satisfied, they will be more likely to use your bank.

Read Also:

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

How Digital Advisors have Transformed the Investment Sector

Technology has undoubtedly made a huge impact on our everyday lives. There are new innovations that are unveiled practically every minute and it can be hard to keep up. The rise of the internet has replaced traditional newspapers and other print media as sources of information. Millions of people now rely on online news sources such as Yahoo and Twitter on getting their news. The transportation sector has also transformed from using the yellow cabs to Uber and Taxify. Purchasing of goods and services is now through electronic payments via credit and debit cards. The financial industry has also been affected by this transformation. The rise of digital advisors has resulted in cheaper and more efficient ways of offering financial advice to investors. These offer automated financial planning with different levels of human engagement. An investor will surely appreciate such engagement. The Difference Between Robo Advisor and Digital Advisors: A robo advisor uses algorithms and model portfolios relying on certain information that has been obtained from the client. While others may find robo advisors attractive due to their low cost, there is minimal human interaction. There is more focus on investment allocation but minimal focus on financial planning. Making life’s big decisions such as buying your next house or paying for college requires a lot of careful planning. In this instance, there is no one to hold your hand as you contemplate about making these changes in our life. A digital advisor is a combination of a traditional financial planner and a robot advisor. This affords an investor the ease and convenience of accessing a personal human advisor. These can be reached via phone or chat. The advice offered by digital advisors goes beyond investment options. Since users have real-time access to an actual financial planner, they can talk to someone about their specific needs and work together to come up with a plan that is based on their current situation. Which One is Right? There are Robo advisors who are fully automated and have low fees. These provide investment planning to investors. On the other hand, digital advisors offer a combination of this automation and a touch of the human element. Financial advice is also provided. It is important for you to know how these function so that you know which one to choose if you are considering these options. Here are some options to choose from who are considered the well-known players in this space: Wealthfront: this automated service has over $1 billion in client assets and thus considered the world’s largest investment service. There is very little human interaction. The first $10,000 in assets management do not attract an advisory fee. Amounts that are higher than this attracts a monthly advisory fee at the rate of 0.25%. The minimum investment amount is $5,000. Betterment: there is also very little human interaction on this service. Just like the previous platform, the process if Betterment begins by clients being asked a series of questions and then an investment plan is recommended. A monthly portfolio fee of 0.35% and this amount decreases the more the balance grows. There is no minimum investment. Learnvest: although this platform does not manage investments, clients can contact a Certified Financial planner whom they can contact by phone or email and ask questions. A %19 monthly fee is charged. Personal capital & Wela: these two digital advisors have very similar offerings. For instance, both offer free financial advice to their users. You can receive advice pertaining to all things finance and be assisted to set up a unique game plan based on your specific situation. Users are also free to use all the financial planning tools available at the site at no extra cost. A management fee of less than 1% is charged to users who are connected to a personalized wealth management advisor. A similar program at Wela ensures that a user is charged only when he decides to become a client. If you have your doubts about putting your money with a fully automated system, why not go for a digital advisor that provides you with unlimited access to a financial planner while at the same time providing online convenience so that you are assured if a partner to guide you in making big decisions in life. How They Work: You do not have to rely on a human to discuss your financial goals and expectations. These interactions go on through a website. You will fill out a questionnaire that helps these sites to assess your current financial situation, risk tolerance and goals. The firms will use this information to develop manage and also suggest an asset allocation. Other firms will operate by investing your money in mutual funds and exchange funds. These are passively managed funds. Other firms will be willing to invest in individual stocks although this does not happen so often. Once your portfolio has been constructed the digital advisor will rebalance it on different situations so that you can maintain your target asset allocation. There are some cases where you will not need to fully rely on a digital platform to offer advice. Some elements of the advisor model are mixed with a human advisor. Therefore instead of relying on your response to the given questionnaire, you will be interviewed over the phone or video. You can also access a human advisor via video conferencing. These websites rely on their own algorithms to determine what would be a good fit for you as asset allocation. Depending on the firm, some will be more or less aggressive in their suggestions. Investors have found these websites to be truly valuable in a fast-paced world where many lack the time or interest to manage their own savings or investments. Advanced technology makes it possible for investors to be comfortable in a web-based relationship which assists them to allocate their asset and online portfolios. It has truly changed the way business is done. Read Also: 5 Must-Have Long-Term Goals For A Secure Future How To Become Financially Stable Before Age 30

Why Buying or Selling Gold Online is a Wise Move

Buying or selling gold has an element of risk involved, and it does make sense to minimize these risks as much as is practically possible. Rather than spending half the day driving around looking for gold dealers, the Internet offers a quick and easy way to make contact with a reputable gold dealer and they will help you out there how to buy precious metals. However, you do need to be sure that you can visit the dealer's offices, at least one time, to ensure that they are actually an established gold dealer. Why Buying or Selling Gold Online is a Wise Move: Save Time: Using Google, you can compare the spot price of gold with as many dealers as you wish and that would take you only a few minutes. If you wish to buy & sell gold jewellery in Adelaide, there is a long-established gold bullion dealer with offices in the CBD, where you can visit their offices and carry out the transaction. Once you have found a respectable gold dealer, you can visit their offices any time that you wish to buy or sell gold, safe in the knowledge that you are dealing with a reputable organization. Taking the Best Deal: Gold prices change by the minute and by using the Internet, you can quickly ascertain which dealer is offering the best deal, whether you are buying or selling. There are some online organizations that offer a seemingly good deal to buy gold, and they ask you to mail it to them using the pre-paid envelope they send you. Some of these are scams and they will accept your gold, then pay you a lot less than it is worth. These organizations are called ‘mail-in gold dealers and they should be avoided, as there is a chance that you will be cheated. You are strongly advised to visit a reputable gold dealer’s office, where you can take possession of the gold you are buying, or receive the right amount of cash for the sale. Credibility: Whether you are buying or selling gold, credibility is something you look for in a gold bullion dealer, and taking a look at their website can help you identify the dealers that are, in fact, reputable. They would obviously display the address and location of their registered office, and this is something you can check on very easily using Google Maps or any other online map application. Taking Physical Possession of your Gold: When buying gold in any format, it is important to take physical possession of the gold at the time of purchase and providing you stick to that rule, you should always be sure that you are getting the purity and the weight that you are expecting. One should always establish that the gold bullion dealer is everything he claims to be. Once you have done that, you can deal with an online gold dealer with the confidence that all is above board. Read Also: Gold: Choose Your Jewellery Carefully Make Your Savings Goals Come True With Gold

Choosing The Right Sunshine Coast Mortgage Broker

When obtaining a residence, partnering with a proficient mortgage broker is pivotal. Acting as a conduit, the mortgage broker bridges the gap between borrowers and lenders, providing an informed guide through the intricate terrains of home loans. This article unravels the intricate process of selecting the most fitting choice for a mortgage broker like Noosa Mortgage Broker. The journey is rife with considerations, demanding thorough exploration to make an informed choice. The Role Of A Mortgage Broker The mortgage broker industry in Noosa, located on the stunning Sunshine Coast, thrives as a vital resource for locals and newcomers alike, facilitating tailored home financing solutions against the backdrop of this picturesque coastal paradise. With a deep-rooted understanding of the local real estate market, these brokers play a pivotal role in turning property aspirations into tangible realities. A mortgage broker in this region is pivotal as an intermediary between borrowers and lenders. Their expertise transcends mere matchmaking; it extends to identifying the most suitable loan options intricately tailored to individual borrower circumstances. This role demands a nuanced understanding of the multifaceted mortgage landscape, enabling brokers to navigate the complexities and secure terms that align favourably with borrowers' needs. The symbiotic relationship they cultivate between the financial world and homeowners is akin to orchestrating a harmonious symphony. Assessing Your Needs At the outset of your journey, a critical juncture entails a reflective evaluation of your financial standing and homeownership aspirations. The nature of your foray into the housing market, whether as a first-time buyer, a refinancer, or an aspiring investor, influences the trajectory of your search for a mortgage broker. Understanding these specifics establishes the cornerstone for selecting a broker adeptly equipped with the necessary skill set to complement your goals. Researching Broker Options Embracing a research-driven approach, akin to the diligence of a Mortgage Broker, becomes pivotal in curating a list of potential mortgage brokers. Navigating the Sunshine Coast terrain, one must meticulously sift through the myriad options, seeking out reputable firms with an established history of matching borrowers with fitting mortgage solutions. These firms are conduits of expertise and reliability, transforming the daunting process into an understandable journey. Credentials And Experience In the labyrinth of the mortgage market, intricacies, credentials, and experience wield immense significance. Opting for an accredited broker is akin to equipping oneself with an experienced guide. Their track record bespeaks proficiency in manoeuvring through the maze of loan options, unravelling terms and conditions, and navigating an array of lending institutions with finesse. This proven history assures that the chosen broker is poised to navigate the stormy waters of mortgage selection. Personalised Approach A remarkable trait embodied by brokers is the capacity for a personalised approach. This entails delving deep into your unique financial landscape, unravelling the tapestry of your aspirations, and then weaving tailored advice and recommendations. The broker metamorphoses into an ally, finely attuned to your distinctive circumstances, ensuring each recommendation is a brushstroke on the canvas of your homeownership dreams. Transparency In Communication In broker-client relationships, transparent communication is a cornerstone principle. A reliable broker ensures that communication is not only candid but comprehensive. Essential details concerning varied loan alternatives, prevailing interest rates, potential fees, and the intricate dance of numbers are conveyed lucidly. This fosters a relationship grounded in mutual clarity and comprehension, guiding borrowers through the maze with unwavering transparency. Comparison Of Loan Options Much like a connoisseur selecting from an array of fine wines, a competent mortgage broker lays forth a selection of loan alternatives sourced from diverse lenders. This arsenal enables borrowers to embark on a meticulous comparison journey, factoring in the nuances of interest rates, repayment terms, and ancillary costs. This comprehensive analysis gives borrowers the knowledge necessary for an informed decision-making process. Negotiation And Advocacy Negotiation is at the heart of a mortgage broker's toolkit. With a profound comprehension of your financial profile, the broker takes up the mantle of advocate, a diplomat interfacing with lenders. This skilful negotiation often serves as the conduit to securing terms that mirror your financial aspirations, crystallising favourable interest rates and conditions. Reviews And Recommendations Gleaning insights from the experiences of others is akin to sifting through treasure troves. Leveraging client reviews and testimonials offer an unfiltered lens into brokers' professionalism and efficacy. Recommendations from peers who have embarked on similar journeys echo authentically, illuminating the path ahead. These anecdotes sculpt a mosaic of perspectives, significantly contributing to an informed decision-making process. Conclusion In procuring a dwelling, the significance of cherry-picking the right mortgage broker is irrefutable. With the complexities intertwined within home loans, a skilled broker, much like Noosa Mortgage Broker, is akin to a compass, charting the course for borrowers and ensuring a safe passage. This journey necessitates systematically evaluating aspects ranging from personalised guidance to transparent communication. The partnership with a mortgage broker embarks upon a strategic trajectory, facilitating a journey marked by wise financial choices. As the quest for a suitable mortgage broker culminates, the insights garnered from this expedition empower individuals to make astute decisions. The path to homeownership is accentuated by a reliable mortgage broker who unfailingly illuminates the route. With knowledge, borrowers can confidently step forward, knowing they have charted a course that aligns seamlessly with their aspirations. Additional Resource: Buying or Selling a Home in Seattle? Best Home Buying Tips for First Time Buyers Things to Know Before Applying for a Vermont Mortgage Loan Work with a Local Mortgage Broker Company for Your Vancouver Mortgage

5 FinTech Trends to Know About

1. Cybersecurity Advances

2. Blockchain Technology

3. Mobile-Only Banks

4. Robotics

5. Payment Innovations

4 Mistakes to Avoid When Shopping for Silver Dollars for Sale

4 Payday Loan Facts You Should Know Before You Borrow

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Technologies For Creating A Startup Idea

How to Download Facebook Videos on Android?

7 Rules of Effective Ecommerce Web Design

The 10 WordPress Plugins Every Sucessful Blogger Uses

Follow Us

Recent

How to Download Airtel Thanks App and Recharge Seamlessly in 2025

How to Choose a Gift That Matches Their Personality Perfectly

Discover the Best Carrier Oils for Hair & Skin

How Modern Technology is Transforming Dental Care Solutions

Related

How Digital Advisors have Transformed the Investment Sector

Why Buying or Selling Gold Online is a Wise Move

Choosing The Right Sunshine Coast Mortgage Broker

5 FinTech Trends to Know About

1. Cybersecurity Advances

2. Blockchain Technology

3. Mobile-Only Banks

4. Robotics

5. Payment Innovations

Share this Article

4 Mistakes to Avoid When Shopping for Silver Dollars for Sale

4 Payday Loan Facts You Should Know Before You Borrow

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related