After the global crises of 2008-09 if there is something that has come out strong to change the future – it is FinTech. What began as a slow merge of financial solutions with the help of technology has now transformed into a million dollar industry. Financial Technology or Fintech has become a part of our daily lifestyle.
With emergence of multiple FinTech start-ups the ease of dealing with money, applying for loans and experiencing finance has changed.
The digital innovations and role of technology in finance has brought about a revolution. And thus with 2019 slowly walking in there are FinTech trends to soon catch up!
Unified Payment Interface IDS to grow!
The technology launched in the past couple of years to create a new ID system for the startups with financial services is soon making a wave in the industry. With 2019, the use of UPI ID based apps are going to be on a rise with more customers signing up for simplified payment system. As there is immense opportunity to drive customers to digital payment system, these opportunities are soon to be grabbed by SMEs for seeking digital loans, short service insurances like pre-paid taxis and emergence of digital channels to increase diversity of usage.
Artificial Intelligence has been in rest since a long time now. But with the expansion of technology more businesses are adapting the AI system in their line of service. Thus there is better experience of the mobile applications empowered by AI helping customers to filter their search with the help of assistance. The prime market here is the e-commerce websites and entertainment channels who aim to making a personalized experience through their medium.
The traditional methods of raising equity and debt funds are soon going to be challenged with the emergence of Fintech crowdfunding sources. With a number of ticket services, and funding system people will be able to take up equity through their mobile phones in real time.
Payment through mobile
More and more companies are entering into the mobile payment system. With WhatsApp being the latest, there is sure to be oncoming of more population of people availing the mobile payment system. As the population of non-banking people is also high – the industry is only set to grow!
Nadeem Shaikh is the voice behind a lot of awareness created around FinTech. His contribution with futuristic aims has been of tremendous help for the businesses to tap the growing market and enhance the services for the customers!