The Most Promising Trends in FinTech You Need to Know

Mar 28, 2019

For all the time of the existence, FinTech has come a long way, and nowadays this industry is highly developed and well-invested. It might seem that FinTech can’t boast of numerous modern technologies, but in fact, each year brings more and more new innovations in this field, and 2019 is not an exception. Andersen has analyzed dozens of FinTech trends for 2019 and is ready to present several hottest and most promising of them.

Cloud computing and 5G
That’s quite expected: cloud computing and 5G have a range of tremendous advantages and hence are broadly used in many fields. For FinTech in particular, these technologies bring such benefits as faster and easier launching of new products, increased scalability and flexibility, savings on IT infrastructure, customized solutions, compliance with new regulations, fast real-time mobile user experiences and immediate payment processing. Therefore, both technologies are must-have for your FinTech solution.

Platform as a Service caters for the provision of means and tools necessary for streamlining deployment, services on configuration, and resource management by a PaaS vendor. Our experts consider this approach to be the best choice for your FinTech product: using PaaS, you can enjoy such benefits as a quick product launch, environment’s adaptability, standardized middleware and database management, and post-paid service. Besides, it will allow you to offer more services and better understand the needs of your clients.

Digital-only banking
If we have a choice between going to a branch bank and conduct a transaction via a device, we usually choose the last option, don’t we? Considering the convenience of online banking (and people’s laziness to visit a bank department), many bank owners agree that having a physical branch is of no use anymore. Purely digital banks that operate only virtually are on the rise, and some of them became known worldwide. The key reasons for their popularity are personalized approach, fast speed of services, and the ease of access anywhere in the world.

Physical and behavior identification
Such methods as a passport or driver’s license check are old-fashioned and even insecure. Luckily, identity authentication of a user has shifted to a new level, and nowadays, physical and behavioral identification is on the rise. It includes such technologies as facial recognition, fingerprint, keystroke signature, retina scanning, etc. Such an approach to identity verification is more convenient for users and more secure to prevent hackers from breaching.

Voice technologies
Based on the speech-recognition system, voices interfaces are already used in many applications. This year, it is expanding to the financial sector. Although currently, the number of banking operations that can be performed with voice is limited, the further development of the voice interface in FinTech is obvious and unavoidable. We predict that in a couple of years users will be able to perform all necessary banking operations giving voice commands.

All these trends sound incredible and inspiring, don’t they? Following these trends and their correct implementation will allow you to create an outstanding top-notch FinTech solution. Besides, Andersen is always ready to help you with that. Having solid experience in FinTech and banking, we deliver innovative solutions in this domain. Therefore, if you need a qualitative FinTech product, contact us.

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