Fintech (Financial technology) is booming and it's becoming mandatory nowadays (Don't worry I'm not going to speak about cryptocurrencies). Technologies like blockchain, artificial intelligence (AI), and big data are on the cusp of changing the way transactions are completed.
The development of AI, specifically, can possibly revolutionize the financial services industry as it helps upgrade security and data ( Information ) Protection, improve user-centricity, and facilitate the regularity burden via reg tech.
Blockchain also gives improved security from its appropriated technology along with reasonable cost savings. Big data, then again, has given better value to users while helping financial firms settle on clever actuarial choices on a customer's hazard profile.
So what can we expect to see over the following a year? Let us take a quick overview of some Fintech trends in 2019 that you need to pay attention.
Artificial Intelligence Will Power Fintech
There are lots of valid reasons to trust that artificial intelligence's penetration of financial services will heighten this year because technologies like machine learning (Ml), fuzzy logic, and pattern recognition are already the main core of cybersecurity.
This will make something like an artificial intelligence technological escalation which will exponentially build the demand for top artificial intelligence tech talent. In the meantime, it will also keep on driving the reg tech-forward while moderating risk and assisting to avoid the next big crash.
This technology expected to play a major role in certain parts of "operational risk management (Orm)" that covers the following:
- Anti-money laundering
- direct risk
- counterterrorist financing
- data security
- fraud recognition
- geopolitical issues
- IT infrastructure and activities
- administrative compliance
- sanctions compliance
Machine learning, pattern recognition, and fuzzy logic are already playing a most important job in different aspects of operational risk management (Orm) And this is expected to grow significantly throughout the year to help model hazards across the enterprise.
In 2019, you can also expect the lines separating both artificial intelligence, machine learning, and big data to blur and breed advancement while improving existing items and services.
For example, fintech applications influence machine learning to monitor how the user spend their cash. This data would be used to offer predictive instructions on how they should deal with their accounts and what money-related products they should use.
A year ago, it was all about cryptocurrencies (Cryptographic forms of money), this year will be about blockchain.
These are the banks already signed up for the blockchain cash settlement project.
- Credit Suisse
- Canadian imperial bank of commerce
- State Street
While the digital money (Cryptocurrency) World has been unpredictable and sketchy, the blockchain has been developing from solidarity to quality boosting pace, proficiency, and straightforwardness with its open record.
In 2019, the financial markets that encompass blockchain will develop and financial specialists will be progressively experienced and learned to separate between theoretical ventures and genuine use cases.
For example, SBI ripple asia is already testing cross-border blockchain bank transfers among japan and south korea.
I believe it's safe to say that the blockchain is here to stay, I mean even Goldman Sachs considered it "new technology of trust." according to their estimation, the blockchain can possibly change how we associate with the government, purchase and sell things, and confirm the authenticity of anything from natural vegetables to property titles.
Internet of things(Iot) & Big data also progressively playing a vital role in fintech ( Financial technology ). This makes it important to create artificial intelligence(AI) Systems that can store and analyze the data when required.
Big data not only used in Fintech, but it is also used in Software Development for Healthcare and other niche industry.
For artificial intelligence(AI) Arrangement models, the quality and a decent variety of data sources will be key to deriving genuine value. This year, cross-domain data exchange will also turn into the standard to empower solid development in arrangements concentrated on collecting and trading client information(Data).
You can also expect that the business should focus on data breach prevention, data security, regulation to stay compliant and secured. However, finding the correct balance between user data and the access it needs will turn out to be highly complex.
With all these fintech trends, you hope to see a revolution like when the financial services industry was changed with the adoption of Pc's during the 1980s.
With AI, blockchain, and big data in the driving seat, 2019 will positively be a transformative year for traditional financial services providers.
You can check out the list of Top Big Data companies 2019 to choose the best Big data companies to develop your fintech applications.