The FinTech industry has been booming over the last few years. According to a survey by Accenture, global innovation in financial services is expected to be worth $1.7 trillion by 2020.
Integration of AI and machine learning into FinTech systems has increased dramatically. The technology is already being used to provide automation in data processing, the development of personalized services based on user behaviour, and the automated identification and prevention of cyber-attacks.
The main reasons for this are the growing amount of data available, which needs to be analysed using new approaches, as well as the emergence of self-learning algorithms, allowing machines to learn from experience.
One of the key challenges for machine learning is its ability to understand natural language and adapt to various communication styles. This task is still beyond machines’ capabilities, so FinTech startups try to achieve such behavior by using various natural language processing (NLP) systems and deep learning.
Business Intelligence (BI) is one of the major trends in FinTech technology. Many FinTech startups nowadays are offering business intelligence solutions that allow financial institutions to analyze their data and make informed decisions based on their analysis.
Here’s another recent trend in FinTech technology. Digital Banking or Digital-only banks have a lot going for them: no need to visit a physical bank, no lines to test your patience, and no agonizing paperwork to deal with. And their numbers and revenue are increasing all over the world. They’re also one of the main reasons why bank branch visits are expected to fall 36% between 2017 and 2022.
When you use digital-only banks, you can also reset pins from the comfort of your own home; make snap-a-pic bill payments; access convenient expense management tools and quick balance review features, and get real-time analytics.
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