Top Fintech Trends 2021: Paving the Way to a New Digital World

The fintech industry has been flourishing over the last decades. At present, customers demand to have more secure and robust finance solutions and programmed processes to execute their financial tasks. The fintech industry has always pulled the best out of emerging technologies to the financial sector. When one cannot visit the bank, the fintech solution is their only option, however, many people still rely upon the traditional banking methods. But, in the upcoming year's fintech industry is expected to grow more. If you are planning to revolutionize your financial ecosystem with high-end, secure, and robust fintech applications, then you must opt for the best fintech app development company to serve the business needs and customers.

While there are a plethora of new possibilities for fintech technology in the upcoming future, here we are going to highlight the top fintech trends to watch out for in 2021. So, keep reading to find more about this next level of innovation to support the financial sector.

Contactless payments

The pandemic has altered the way businesses operate. Now, the remote and digital channels are primary to execute business processes as there are restrictions to move out freely. At present, we can see many new players in the market creating different platforms to send and receive money contactless; using phone numbers for QR codes. UPI-based payments are also becoming popular for sending and receiving money. Customers do not need to depend upon the banking platforms to manage their billing and payments as everything is possible through an application. This trend is likely to grow in upcoming years and is expected to convert payment systems into a one-stop solution for all the billing and payments.

Digital banking

Digital banking is not a new concept. With the evolution of smartphone devices, mobile banking app solutions have also evolved; especially in the pandemic. Millions of customers have opted for Digital channels to handle their financial transactions. This sudden change in banking has introduced many new opportunities for fintech firms. Neo banks or Digital-only banks are now being called the future of Finance. All the banking facilities will be available through digital channels with no physical branch. This can help the bank owners to save a big operational cost and grow business widely.

Digital or cryptocurrency

Digital currency (or we say cryptocurrency); is a virtual currency with no underlying physical asset, and not controlled by the central banks. Though the cryptocurrency applications are still limited for the trade-in cryptocurrency exchanges, the financial regulators are continuously working to come up with a new idea making the best use of digital currency. The first cryptocurrency in 2009 named " Bitcoin", later many cryptocurrencies were introduced. In 2020, there were around 500 cryptocurrencies popularly known as " Altcoins". Cryptocurrency has become very popular in the last decade, and in January 2021 it hit the market of 6 billion dollars. This year can witness the FinTech Software Development Company enable practical applications for digital or cryptocurrency. The development will help save the major operational cost and pave a new path for the financial practices.

AI and ML advances in fintech

Artificial intelligence and machine learning have been implemented by almost every business or industry at present, and the fintech sector is no longer an exception. The fintech app development will now be done using ML or AI-based technologies to offer better automation in the financial sector. There are few popular names like the IBM Watson platform, Google Cloud and Microsoft Cortana that have already implemented these technologies. The AI and ML-based technologies can be used to create chatbots to address potential banking customers, manage customer queries, and assign virtual agents for banking transactions. This will help to schedule the financial work flawlessly and let the fintech sector grow notably.

Fintech as a service

Hereby fintech as a service means, providing specialised services like payroll processing, bank statement analyser, payment processing, bill management, and more through an application. If you do not want to spend your hard-earned money on infrastructure for your Finance Management requirements, you can always go for fintech as a service solution. This useful approach helps to bridge the gap between the finance app technologies available and its access to businesses and customers. This can help the banks to focus on their core business activities while leaving the rest of the financial task on the experts.

The Last Words
The fintech sector has evolved tremendously in the last decade. The scope of the fintech industry is going to expand forever. Fintech application is the perfect solution for customers or businesses looking for a robust financial system that can be improved with upcoming years. If you also have an idea of a great fintech startup, Get on board with the best fintech mobile app development company to find how you can come up with the best financial app solution for your business.