The digital-only strategy is an advancement that new-generation financial start-ups are aggressively and effectively promoting. Digital-only banks benefit from convenience, and they typically deliver disruptive offerings at far lower prices than traditional banks.
FREMONT, CA: Global spending in financial technology has been growing even before the pandemic. Despite a small decrease in investments in 2019 (137.5 billion dollars vs. 141 billion dollars in 2018), FinTech has seen positive growth in the majority of its industries.
Fintech applications' use is expected to continue to rise in some form or another around the world. As a result, it is past time for companies working in the financial technology industry and creating innovative technological solutions to gain traction, find their niche, and inspire their businesses with one or more of the fintech trends mentioned below.
Digital-only banks
[vendor_logo_first]One of the most recent developments is the rise of digital-only or FinTech banks. Banks that provide their financial services online and do not have a physical branch or premise do not have to deal with long queues or tedious paperwork. Clients would only need a PC or a tablet to handle their investments at the same time. The digital-only strategy is an advancement that new-generation financial start-ups are aggressively and effectively promoting. Digital-only banks benefit from convenience, and they typically deliver disruptive offerings at far lower prices than traditional banks. Market visits to banks are expected to decline by 36 percent between 2017 and 2022, while mobile transactions are anticipated to increase by 121 percent over the same period.
Voice Technologies
Many, if not all, technological trends are influenced by what Gen Z desires. More research suggests that they want chat-like platforms with anything they need to do daily. Voice assistants are already available to offer this kind of service. Not only can AI-powered voice technology say the weather forecast or play a song, but it can also boost customer support in the banking sector.
First, voice assistants may act as an automated support agent by delivering simple account or card balance information, responding to common client requests, setting up periodic payments, categorizing calls, and leading consumers to the appropriate locations. Second, customers' voices may be used as biometric data to approve purchases, a practice known as voice payments. Consumers are becoming more used to this form of banking. Voice payments have a lot of promise, from rerouting funds between accounts to sending money to friends via platforms.
