Since the pandemic, almost everyone around us has switched to a FinTech platform to manage their finances. FinTech platforms such as Payworld have easy access for people in each aspect of their financial needs just by clicking a few buttons. Payworld provides technologies underlying financial services and goods which are the core for the development of our economy. With the fast growing FinTech industry, comes regulatory compliance as well. These platforms need to meet the regulatory requirements, legal obligations and sanctions which can also become a hurdle in their success. Payworld is making it easier for the customers at every step in their way and doing everything in our power to reduce the paperwork. It is Payworld’s goal to provide an accessible platform for all, whether it’s about buying insurance, getting a loan, or even buying stocks.
Here are some top trends in 2022 which are transforming the FinTech industry altogether:
The Internet Services
Since smartphones are accessible to almost everyone in the country. The internet makes the process of FinTech banking more simple.
With the Payworld mobile banking application, we are able to monitor customer behavior and provide them with the best possible services based on that behavior. Mobile devices, tablets, and smartwatches are being used instead of physical bank cards to complete online transactions, thus saving customers’ time and making the process easier for them. Keeping track of finances and sending or receiving money is now possible on a single device.
In order to gain business-friendly customer insights and make informed decisions, FinTech companies are increasingly using connected devices. IoT’s increased interest will lead to wearables’ market growing to $118.16 billion in 2028 from $48.89 billion in 2021.
Application Programming Interface(API)
Open API, or open banking, allows a third party to access client data on their consent. A bank user can benefit from this form of information exchange while making payments to a third party.
Open banking features on a FinTech platform provide information about a client’s finances to insurance companies, vendors and other organizations. The third-party companies can access clients’ legal obligations and sanctions from the FinTech platform itself and avoid having to submit them repeatedly. The feature allows users to pay for services with a tap and receive a loan in seconds.
Biometric authentication is considered to be more secure than the use of passwords and PINs. The unique fingerprint, the iris pattern, the face, or the voice cannot be fabricated. There is no need to remember combinations of letters and numbers. No matter what happens to your smartphone or electronic device, your confidential information will remain safe. That is why FinTech companies rely on this financial technology.
As the use of FinTech banking increased, so did the need to protect their information. FinTech is becoming a key industry for biometric authentication technology as 93% of users view account security as the most important issue. Therefore, biometric authentication seemed to be the best way to verify a clients’ identity.
It is common for the financial industry to generate large amounts of data, including clients’ personal documents and critical financial information. Therefore, information needs to be collected, structured, and stored by a powerful tool. One of those tools is artificial intelligence (AI).
Smart algorithms help process a FinTech company millions of data structures and keep them safe. AI in banking is made to improve processes from banks and other companies as well. To prevent fraud and data theft, programs are designed to detect the slightest error. Besides protecting the client’s information, this also saves the company from physical labor of storing and protecting data.
Artificial intelligence chatbots that assist customers 24/7. A more personal touch is given to the client through analysis of user habits and the provision of personalized financial advice tailored to their individual needs. AI plays a pivotal role in the FinTech industry.