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FinTech Industry Soars
Initial Coin Offerings (ICO), Cryptocurrencies, and CashDash are the buzz words in the FinTech industry. With digital wallets disrupting the currency exchange systems, transactions has become more easier, quicker and secure.
CashDash is the latest mobile app that enables buying, collecting and returning foreign currency. And guess what, you don't even have to use a credit card. On the other hand, ICO is an alternate form of crowdfunding for companies and startups to collect the funding needed to establish businesses. By 2018, ICO will rule the entire FinTech industry, and entrepreneurs need to upgrade themselves for the same.
Talking about technology, the blockchain, and biometric technology has increased the level of security in this industry. Cryptocurrencies, a form of digital currency, use blockchain technology to operate in a decentralized network format. Cryptocurrencies leverage the benefit of collecting consumer data and adjust their marketing strategies accordingly. Moreover, companies like SkyBiometry, who offer face recognition systems, to other security tools such as iris detection and fingerprint recognition has genuinely noticed the positive change that biometric technology has brought in.
The rise in account hacking in both individuals and large organizations has also increased the demand for security and better infrastructure. This, in turn, is gradually eliminating the use of the traditional financial system and brought in the use of Robo-advisors, reducing the cost and automating investment opportunities. A.T. Kearney, the consulting firm highlighted that assets under management by robo-advisors would grow by 68 percent annually to offer $2.2 trillion in the next five years.