Top Fintech technology trends to watch out for in 2023

With the advancement of technology and financial services, the Fintech industry upscaling is booming. Various innovations have taken over this market recently, allowing finance companies and their customers to conduct more innovative transactions.

Over the last year, global fintech funding increased by 96%. Increasing technological advancements in the fintech sector result in more billionaires running these businesses.

While the pandemic has sparked change in the financial sector, technology integration has mostly stayed the same. A continuous quest for efficiency, security, and agility in the business landscape had driven digital transformation in financial services even before it began.

This article will focus on top technology trends that will continue to transform the financial services industry. Continue reading to learn more.

Key takeaways

• The Fintech industry brings on endless growth opportunities and serves clients at its best.
• 2023 is the growing market for the Fintech services
• With the right development team, you can get the best of the Fintech services.

Market Overview of Fintech: Facts and Figures

Finance and technology are unified harmoniously through fintech, and there is a great deal of collision between it and the industry. When fintech solutions were first introduced, they were considered cutting-edge innovations, but today they are daily life.

The use of mobile banking apps by people of all generations has become prevalent.

Neobanks, payment gateways, and cryptocurrency startups are among the most popular fintech startups. Fintech unicorns total 61, and 472 companies over $1 billion are fintech startups.

• Based on financial analysts’ predictions, the global market for financial services will be worth more than $25 billion in 2022.
• Many reports predicted that the international fintech market will cross $320 billion by 2026 at an annual compound growth rate of 25.8%.

Top fintech technologies that set to transform the industry

Even though many FinTech applications are already playing a significant role in the financial sector, several emerging technologies have the potential to impact it significantly. Watch out for these technologies:

A blockchain-based banking system

As a way to record data and prevent fraud, banks have actively implemented blockchain technology. With Blockchain, you can quickly identify hacking attempts since it records the details of every transaction.

In addition to supporting international payments, this technology facilitates transactions quickly and at low commission rates. With the help of DLT, blockchain keeps track of and shares data across multiple stores.

Furthermore, financial networks are synchronized by cryptographic and algorithmic methods.

AI will add a lot of value to society.

The McKinsey company estimates that AI (Artificial Intelligence) will increase global banking companies’ value by $1 trillion. To resist the invasion by technological firms, financial institutions and banks have adopted an AI-first mindset.

Front-end, middle-end, and back-end operations in the financial industry are all impacted by AI applications.

Hyper-Personalisation

Fintech takes personalization to the next level by showing potential customers’ choices, preferences, and needs. With AI, hyper-personalization is possible through the use of customer data.

By applying artificial intelligence to consumer data, such as past experiences, reviews, purchases, and even clicks, businesses can develop patterns and make conclusions that are put to use by businesses. Like any other retailer, fintech businesses are expected to provide them with products and services relevant to their needs.

An IoT-based approach to financial trust

Investing in IoT systems for financial management has some significant consequences. The system comprises an intelligent sensor system, wireless networks, and applications and operations support.

The proliferation of IoT sensors is complemented by IoT communication solutions, which provide devices with a dense network of communication options across wired and wireless networks, respectively. Rapid development in embedded systems and cutting-edge technologies has enabled greater intelligence in the interaction between objects and humans.

Conclusion

As emerging technologies constantly evolve, fintech offers endless potential. To meet the needs of consumers, companies strive to provide better and more diverse financial services.

Are you looking forward to staying on top of the Fintech trends? If so, then Ficode could be your best development company. Ficode helps you develop a highly compelling Fintech application that boosts your business. We are always committed to the betterment of our clients and are always available round the clock to clear any concerns regarding the portal or app development. This is what stands us apart from other companies. Be it a startup or a larger company, we always take our step ahead in serving to the best of our abilities.