Fintech is the driving force behind the transformations within the finance industry. In the last ten years alone, there have been incredible advancements across retail banking, wealth management, and payments. Now, consumers are shifting attention to fintech for even more enhanced financial services, and the trend is gaining greater traction with every passing day.
To minimize virus transmission, there has been a notable change in consumer behavior vis-à-vis the mode of payment. In pre-COVID times, consumers used cash to drive payments/transactions. But the pandemic has completely changed the scenario. We now rarely see face-to-face payments across the retail space.
With digital platforms and integrations, the Turnaround Time (TAT) can be reduced to a few days and hours. There are a lot of opportunities in digital lending – including consumer finance, SME lending, open banking, and so forth – for entrepreneurs.
The ever-increasing data has enabled fintech platforms to develop innovative solutions driven by technologies such as Artificial Intelligence and Big Data.
Fintech AI assistants
One of the most popular fintech technology trends of recent times is chatbots. The year 2019 already saw some promising developments. This is to say that the financial services and the banking industry are embracing conversations. The last decade has witnessed the rise of gadgets and applications that can listen, analyze, and address our queries and concerns. Artificial Intelligence-based chatbots are entering the scenario and actively driving changes, owing to advancements in Natural Language Processing (NLP) and speech capabilities.
RPA in fintech
RPA has a versatile application as it is not a point-solution, meaning that it can be applied to any tasks of a rule-based and structured nature. Apart from cost reduction, RPA can also help companies reduce human errors, thereby helping to allot more time and window to focus on high-value tasks that, in turn, result in enhanced customer experience.