FinTech In The Near Future
Financial technology continues to witness accelerated growth, giving a lot of people excited. So far, advances in fintech have changed the way we carry out transactions and created a vibrant, productive, and robust fabric that serves as a springboard for further development.With more technologies emerging and more areas ripe for fintech disruption, this trend is set to continue in 2019, giving us plenty of exciting possibilities to look forward to.
Faster and Safer Payments
The payments ecosystem is set for unprecedented transformation in 2019, thanks to the emergence of new technologies such as contactless cards, which allow shoppers to tap the plastic at the point of sale to complete a transaction. With this technology, consumers do not have to swipe, sign, or dip to pay for goods.
The entire payment process only takes a few seconds, making it more convenient and faster than EMV cards. While contactless payments are sometimes perceived as riskier than their older, slower predecessors, the New York Times noted that they are significantly safer than magnetic stripe cards. This is because they are equipped with multiple layers of security that help keep cardholders safe from fraudsters.
Voice Technology in Banking
Another innovation that is expected to have an impact on the financial services landscape is voice technology. Currently, voice technology is still in its nascent stages, as it is presently used only for simple tasks like bills payment, checking balances, and tracking spending.
However, it is widely believed that 2019 will mark the period when people become increasingly accustomed to giving spoken commands to banking tools. As the mass public feel more comfortable with this technology and fully embrace it, it is only a matter of time before it is used in executing more critical tasks such as transferring money.
Mobile Banking Will Keep Rising
The advent of mobile devices has completely revolutionized how brands and consumers interact with each other. The convenience, functionality, and accessibility of smartphones make them increasingly important in the financial arena, especially in today’s busy world where customers barely have time to visit a physical bank location.
So it is expected that financial institutions will continue to capitalize on the huge consumer appetite around mobile devices to build closer relationships with their clients in 2019 and beyond.
The Arrival of Cloud and Quantum Computing
As far as financial services firms are concerned, the most efficient approach to banking is that which allows them to compute a transaction or come to a decision as fast as possible. Enter Quantum Computing, the technology based on the principles of quantum theory. This innovation enables institutions to process transactions, trades and other types of data as fast as possible.
As a result, it is increasingly attracting the interest of financial institutions seeking to leverage its high computing power to solve problems that require the use of complex algorithmic models to determine a possible outcome. Hence, experts believe the quantum computing will be increasingly important going forward.
Currently, use cases of quantum computing are in the area of investments, where banks are increasingly relying on the technology to improve risk analysis and assessments so that they can better predict how portfolios will perform under different circumstances.
Cloud computing enables banks to build new applications and introduce internet services that will help improve the customer experience. We expect this trend to continue in 2019.