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The fintech industry trends are growing because fintech can tap underserved markets. Most traditional banks overlook a few financial markets and instruments that fintech industries add to their potential growth in the coming years.

Many fintech trends include technological advancements, contactless payments, setting and analyzing new data records, and much more. Even businesses can witness new opportunities in this sector by improving the design and distribution of financial products. 

New asset classes like cryptocurrencies, NFTs, neo-banking, RPA, Blockchain technology, etc., are buzzing in today’s financial market. There are many Fintech technology trends introduced recently, and we cannot ignore them all.

  Read more: Why is Java Popular in the Banking Industry?

What are Significant Fintech Trends that will Change the Economy?

• Decentralized Finance
• We lovingly call it DeFi too. It is a popular Blockchain application along with tokenization, digital asset support service, Smart contracts, and much more. DeFi, based on blockchain technology, is ushering in a new era of opportunities for fintech companies. 
• The decentralized non-custodial applications or DeFi can replace the intermediaries in the financial sector. They can generate the always valid option. It makes getting loans, trading financial products, making investments, and dealing with financial entities easier. 
• This fintech innovation eliminates the reliability of users in traditional banking or financial institutions. It covers everything from versatile blockchain products to peer-to-peer lending and decentralized exchanges.

• RegTech and SupTech
• The financial regulatory costs and governance have already skyrocketed since 2008. RegTech is one of the significant Fintech market trends, which helps simplify the monitoring and compliance in financial institutions.
• It works as a valuable tool and a force multiplier. Furthermore, RegTech monitors millions of transactions in real time and detects fraud in milliseconds. It works as an assistant to the banks to avoid spending huge amounts of money on compliance. 
• SupTech is a FinTech super app that helps users use many financial services in one place. You do not need to download multiple apps. It is made possible because of the use of AI/ML and open banking that helps make data-driven decisions and develop customer-focused products. WeChat, Alipay, Paytm, Grab, etc., are a few super apps. SupTech helps the banking industry to improve its efficiency through the automation process.

• Open Banking
• It is one of the global trends for fintech where banks or financial institutions allow third parties to access the customer’s financial data. It allows for bringing in the latest changes in the banking sector. Third parties get the data access to study customer behavior and their deposit/withdrawal habits and provide them with personalized products. 
• BoTree Technologies offers fintech app development services and build custom applications to streamline financial operations. It will help financial institutions and third parties to broaden their market outreach, achieve financial objectives, leverage cutting-edge technology, and establish a brand with a personal touch. 

• Digital Banking Services (Neobanks)
• It is one of the latest global trends of the fintech industry that is providing ‘hyper-personalized’ products through partnerships. Over the last few years, this fintech startup’s investments have risen considerably.
• Neo banking concept will revolutionize the banking system and services using mobile apps, API integration, and cloud computing. It will further improve the consumer experience, increased flexibility, lower the fee, and make it a solid rival for other banking institutions.

• Contactless Payment
• It is the most popular and one of the significant Fintech trends that has changed the way people make payments at hotels, café, airlines, eCommerce sites, delivery agents, and much more. The fintech app users consider contactless payments mostly after the pandemic. They pay through e-wallets, debit cards, and credit cards. Google Pay and Apple Pay have also made the payment processes easy and convenient. 

• Sustainable Finance (SuFi)
• The fintech app development solutions help integrate the ESG factors into the Sustainable Finance trend in the Fintech industry. The Environmental, Social, and Governance are the non-financial factors applied in the SuFi to identify material risks and check out the growth opportunities.
• The alignment of SuFi will provide full-fledged accessibility to financial opportunities. It will also help in managing the risk and provide new investment opportunities.

• Robotic Process Automation
• Imagine a banking process that is effective and rapid at the same time. Well, this is what RPA or Robotic Process Automation does for you. Fintech organizations can take services from a professional fintech software development company to include automation in offering financial services. However, you must check out the total cost and budget that you will be incurring to build an automated fintech app. 
• It will help provide the services through bots, making customer support seamless and efficient. There will be no more repetitive tasks and zero human errors in the Fintech company with the use of RPA. 
• Employees in financial institutions can focus more on critical tasks and introduce Robo advisors for simple tasks. Moreover, financial institutions use Robo advisors for seamless customer support service, cognitive wealth management, and finance-based operations.

• Use of Artificial Intelligence (AI)
• AI in the financial industry is driving massive value, and experts estimate that its usage can generate trillions of dollars for the fintech industries. The applications of AI and ML in fintech will assist with managing financial operations, analyzing customer patterns to provide personalized services, carrying out predictive analysis, and using AI-powered fintech product features to combat fraud and cybercrime threats. 
• The full-fledged embracing of AI/ML in the banking and financial industries will help establish personalized communication between the institution and the customers. AI will combat financial fraud and money laundering quickly. Accepting AI into the fintech sector will help establish security and privacy to advanced encryption for driving new frontier to drive customer protection. 

Looking for an efficient loan management platform? Check out BoTree Technologies’ case study on their loan management system solution. Learn how they helped their client streamline their loan application process, reduce operational costs, and improve customer satisfaction.

Unlock Future Competitiveness with these Modern FinTech Trends!

The Fintech industry has gone through a revolutionary change during all these years. The fintech trends for entrepreneurs and end users are helping them to intertwine with modern trends. It is helping the banking and financial sectors safeguard their customers’ financial interests. 2023 and beyond will see many rapidly changing Fintech trends in blockchain technology, peer-to-peer banking, AI/ML, and other digital landscapes. 

Experience top FinTech Applications solutions with BoTree Technologies – Your trusted tech partner.

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