2021 Fintech TrendsFinancial technology, better known as fintech
is taking the world by storm, and it’s easy to see why.These
innovations have improved the way we transact, from optimizing
digital payment systems tomanaging personal investments. Did you
know that at least one-third of consumers all over the worldnow use
fintech services in their daily lives? And this number is expected
to grow even more rapidlyas the current pandemic underscores the
importance of digitizing financial services.
The benefits of financial technology
For your customers - Fintech has brought many benefits for
consumers worldwide, such as fasterapproval rates for loans and
insurance applications. On top of that, consumers can enjoy
convenienttransactions, thanks to mobile applications designed to
help them manage their finances. But it doesn’tstop there. Fintech
also allows businesses to bring more personalized services to each
customerwithout compromising their security. Data is kept safe with
the help of biometrics and encryption.
For your business - Businesses are the number one beneficiary of
financial tech. Many organizationshave seen an improvement in their
daily operations, which in turn improves their customer
servicequality and revenue. Financial technology also allows
companies to broaden their scope of serviceusing mobile
connectivity and digital transactions. Ultimately, these
innovations have changed theway organizations conduct business,
preparing them for a more technology-based system in the
future.
2021 trends in the fintech industry
Would you like to take advantage of the benefits that financial
tech brings for businesses? Beforeanything, it’s best that you take
note of the different trends lined up for the industry in the
currentyear:
Non-traditional banking services
Digital-only banks have gained incredible popularity over the
past few years. Unlike traditionalinstitutions, these virtual banks
are more flexible and transparent with their work. Plus, they
offersupplementary services and tools you can’t find anywhere else,
such as open banking and insurancetech.
Mobile payments
Mobile payments are nothing new; however, they continue to see
different innovations that encouragemore and more people to make
the switch. In fact, mobile payments are predicted to increase by
60%in the next two years. Companies like Google and Apple have
taken over the US with their wallet-freepayment options, and it’s
only a matter of time before the rest of the world follows
suit.
About the Author:
Ducont Systems FZ LLC is a global technology integrator and IT
solutions provider that simplifiesdigital transformation and
induces digital capabilities. We have diversified clientele in
variousindustries including Banking, Insurance, Telecom,
E-Governance, Consumer Electronics,Manufacturing, and Utilities
& Logistics. We have expertise in Mobile banking solutions,
Fieldservice management solutions, Enterprise mobility solutions,
and Microsoft and IBM solutions.
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