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AI and ML have managed to retain their top positions in the fintech trends for a long time. They have fuelled the rapid growth and development of new technologies in the FinTech industry.
FREMONT, CA: The fintech industry is growing rapidly, and it is reshaping the financial services industry. Banks and other financial institutions are focusing on developing strong customer-centric models that deliver an impeccable banking experience for everyone, and they are taking the help of fintech to get it done.
From personal digital assistants, saving and investment tools, payment processing, fraud mitigation, and more, the fintech industry is responsible for some of the most intuitive and innovative ways humans interact with technology that make their lives easier.
Let us look at the latest trends in fintech:
Artificial Intelligence (AI) and Machine Learning (ML)
AI and ML have managed to retain their top positions in the fintech trends for a long time. They have fuelled the rapid growth and development of new technologies in the Fintech industry.
Fintech can utilize AI to develop chatbots that function as personal digital assistants to help customers complete simple transactions, including making payments, viewing their account balances, or getting personal savings or investment advice on the basis a customer’s transaction history.
Last few years have witnessed how digital banking has taken the world by storm. Its growing popularity and rapid adoption have empowered banks to provide a growing number of real-time and same-day banking services via multiple online channels at once.
Some fintech firms are empowering consumers with flexible payday options so that they can get their payment earlier than their regularly scheduled payroll without payday loans.
Many apps let consumers tap into funds prior to their official payday. Thus, they don’t have to wait for payroll in order to have access to their paycheck. Giving consumers this kind of flexibility to income helps improve their financial wellness by providing them more control over their finances. It also helps companies retain talent since employees do not have to wait on payment processing to get paid.