The last decade was defined by Fintech being the driving force behind the advancement and growth of the global financial sector. Owing to successful integration with legacy systems, financial technology has managed to automate and streamline the processes, making it simple, less time consuming and more secure.
In 2019, the Fintech industry experienced substantial growth, which is expected to go as high as $30 billion in 2020. As the global markets get ready for that boost, here we present to you the top three trending financial technologies, and their expected growth chart this year.
Blockchain is the wonderful technology that has disrupted and revolutionized the financial sector, initially by introducing the first of its kind cryptocurrency and then by significantly transforming and bringing more accountability into the legacy systems by the virtue of its special features such as decentralization and immutability. Blockchain technology also ensures heightened security through advanced cryptography and traceability of all transactions that have been able to prevent monetary fraud and cases of identity theft that are common occurrences these days.
As a new-age technology Blockchain is expected to amount to a staggering $6700 million by the year 2023. Speaking of the New Year, in 2020 we will see more cases of Blockchain integration across verticals and geographies. Financial institutions across the world will be seen using the technology for creating smart contracts, identity management, processing digital payments, and even trading in shares.
Big Data and Artificial Intelligence
Marketing professionals for years have championed the advantages of personalization as a key to promotion and to boost sales. Today, thanks to Big Data and AI data gathered through customer usage can be processed, assessed and stored giving way to personalized and targeted marketing strategies to influence the consumer. This has proven to be a sure-shot way not only to sway the market but also to perceive the requirement of the consumer and design the product or service as per that.
Financial and other institutions have become smarter thanks to the information extracted via Big Data. AI and machine learning algorithms take it one step further by analyzing these bulk loads of data and creates personalized marketing experience for the consumers.
Robotic Process Automation
Robotic Process Automation or RPA is expected to be one of the driving forces behind the streamlining of financial and other institutions. The technology will positively disrupt industries making it more efficient. The present-day RPA programs cannot perform tasks, what they can do is study the human performed tasks and at the most make suggestions and automate the existing processes such as customer onboarding, data analysis, and compliance procedures.
The year 2020 will see the prominence of the above-mentioned technologies in transforming sectors and shaping the technological future of the global market.