BigData in FinTech
BigData is one of the top FinTech trends of the future. BigData is a technological boon that has benefited almost every industry with its near to accurate analysis and trend forecasts. Technologists have implemented BigData in FinTech to provide numerous benefits to the banking customers. The predictive analysis becomes easy after integration of BigData in processes. Data management becomes easy. Monetary risk can be better analysed. BigData also helps in identifying potential fraud through its algorithm.
Neobanks are the upcoming FinTech trends of 2020 and are trending concept in the world of banking and finance. Neobanks operate similarly as banks with the only major difference being that they are strictly online operational. Neobanks are financial institutions which don't have physical branches and offer banking services, which may be limited to savings accounts. Still, customers are drawn towards this concept as the interest rates is higher as compared to many traditional banks with less fees. Neobanks are latest upcoming technology in finance as the world is moving towards digital technologies,hence the concept of Neobanks is gradually becoming favorite of the masses.
Cloud Banking is another gift to FinTech industry the technology has given. While performing any banking transaction, we really don't care about what process is going in the system background. Cloud banking helps in easing the core banking systems, like - deposits, loans, withdrawals, by automating these for customer convenience. Plus, cloud computing helps in increasing efficiency as the entire banking infrastructure is machine oriented.
Security is the major advantage of integration of technology in finance industry. Due to introduction of Blockchain, the financial processes have become easier and more transparent. When Blockchain is integrated in finance processes, the data regarding the customer, his portfolio, his investments and other sensitive monetary information lies with high level of security in the system.
NLP based chatbots are another trending feature which FinTechs are embracing increasingly. The concept is, there is a system which interacts with the customers and responds to their queries to a larger extent. These chatbots provide solution in real-time and are viewed as a great tool for enhancing customer experience.
FinTech is all about personalization. With system such as Blockchain, BigData, Artificial Intelligence, Chatbots, customer experiences are enhanced greatly. Integrating these tools helps financial institutions in providing tailored arrangements and administrations to suit the customer’s individual needs efficiently and more cost effective way. These system are not only beneficial for the banks, but they prove to be vital in elevating customers financial position as they are able to make more informed decisions.