Princeton,NJ/ 360prwire/ December 15/
FinTech stands for financial technology; it includes the integration of technologies such as mobile apps, online banking sites, and self-service portals into the insurance, investment, economic and banking sectors to replace traditional banking and face-to-face communication.
FinTech has shown significant growth over the past few years, becoming an integral part of today’s modern world. However, FinTech has moved to a completely different level due to the coronavirus pandemic which has caused unforeseen changes that shook, among other things, the financial industry. As mandatory social distancing and isolation orders became severe, everyone was left with no choice but to end their financial activities. This has resulted in a significant increase in demand for FinTech software development services. In this article, we’ll take a look at some of the top FinTech software development trends.
Appello provides a number of services that you can use to your advantage. It is one of the leading software companies in Australia. By providing tailor-made FinTech software development services, Appello helps companies of all sizes adopt new methods based on cutting-edge technology.
Top 3 trends of software development for FinTech
Check out 3 current trends in the FinTech software development industry.
Mobile banking
While the use of mobile banking apps has increased significantly over the past few years, the COVID-19 pandemic has caused it to grow exponentially. And many people have become more comfortable performing financial transactions on their phones from the comfort of their homes. Mobile apps enhanced with fingerprint biometrics allow you to quickly access many banking services, rather than waiting in a long line at the bank.
Moreover, mobile banking is also a viable solution to cyber threats as it helps to effectively protect sensitive data.
Artificial Intelligence (AI) and Machine Learning (ML)
Artificial intelligence is one of the most important financial software development services that play a significant role in the financial industry. It involves the use of automated machines to improve the productivity and efficiency of a range of banking transactions. For example, AI is useful in combating cyber threats and financial fraud. In addition, the AI and machine learning algorithm help to record financial transactions with high fidelity, thereby increasing the level of customer-centric service.
According to Autonomous Research LLP, artificial intelligence will reduce banks’ operating expenses by a whopping 22% by 2030.
Blockchain technology
As the popularity of Bitcoin and some other cryptocurrencies grows, blockchain technology is also gaining tremendous growth in the financial world. Blockchain is a highly secured decentralized ledger that can be distributed among multiple users. It does not have a single authority, so it helps FinTech businesses merge multiple authentication processes into one without the use of intermediaries. This feature allows people to make financial transactions with lightning speed, security, and complete data transparency.
The blockchain is also considered to be safe from cyber fraud and money laundering as it is a decentralized system. Many financial institutions are gradually realizing the power of blockchain
technology and are looking for ways to incorporate it into their businesses. By 2023, the FinTech blockchain market is projected to grow from $ 370.3 million to $ 6,228.2 million, with a CAGR of 75.9%.
FinTech software development has taken the financial industry by storm and is more of a necessity than a choice for many modern business organizations. The future of the banking and financial sector depends primarily on technological and digital advances, and the trends discussed above will play a huge role in the revolution. Thus, partnering with a financial software company is a great choice to improve the efficiency of your business and keep it up-to-date.