How the Financial Technology Market is Moving Beyond Lending

Bank

When financial technology (better known as FinTech) was introduced into the world, it was seen as an innovative way to lend loans to those in need, making the process much easier than any bank could. Since then though, FinTech has continued to impress the globe with more financial methods being transformed and optimised to make processes easier for both organisations and clients. Instead of lending, financial technology has now provided us with a range of solutions to improve the overall running of functions within the FinTech market, which we’ve investigated below.

The Use of Robotics and AI

The FinTech market is massive, and within the industry, there are endless processes all originally handled manually. However, we are now seeing an alliance formed between financial services and robotics/AI in order to reduce risks and mitigate risks. These sophisticated machines are capable of so much more than you might realise, including cognition, manipulating and interaction. With cognition and manipulation, AI is able to interpret data effectively and take on a greater diversity of tasks, allowing processes within the FinTech market to be carried out quickly and efficiently. With interaction, robotics can collaborate with humans seamlessly, meaning that they can be easily integrated within our financial markets.

There Are More Diverse Payment Options

Now that we live largely in a digital generation, international and online transactions are more popular than ever thanks to the convenience that they offer to customers. Currency exchange, PayPal and direct deposit are slowly becoming a thing of the past, as FinTech solutions are revolutionising the way that clients pay for their products and services. For example, apps such as ApplePay and Bitcoin Wallet can now be used to digitally pay for items. For those across the globe, this allows them to purchase items from foreign countries without being the victim to extortionate currency exchange rates.

Assets Are Protected From Fraud

FinTech may have found solutions to easily lend money to clients, but without sufficient protection, frauds would be able to easily get their hands on money due to the lack of third party participation. But, FinTech has now been working hard to protect all assets from fraudulent behaviour. In order to win this battle against crime, FinTech has been undergoing development into more advanced authentication systems for e-commerce customers, making it easier to detect any fraudulent behaviour involved with online payments or lent loans. Automated Clearing House (ACH) transactions in particular have proved challenging for FinTech, as fraudsters are still prevailing in this section of transactions.

Shopper Experiences Have Been Enhanced

Online shopping is hugely popular, with 51% of shoppers making their purchases online in 2016. The reason? Shopping online is hugely convenient for consumers, and allows them to make purchases much quicker than if they were to go in-store. However, consumers are heavily aware of the risks associated with online transactions, and so demand a safer way to purchase their favourite products on the web. Organisations within the FinTech market have provided a solution for this, as companies such as Stripe has helping simplify and secure online retail transactions, for both the retailer and consumer, reducing the risk of cyber-attacks.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

JD Byrider
How JD Byrider Became a Leading Auto Giant
George Carlin
20 George Carlin Quotes That Apply to Business
Bob Ross
20 Bob Ross Quotes That Apply to Business
Pat Brown
10 Things You Didn’t Know About Impossible Foods CEO Pat Brown
State of Oregon
How to Apply for Unemployment in Oregon
Outback Steakhouse
Is Bloomin Brands a Solid Long Term Investment?
American Airlines
Is American Airlines Stock A Solid Long Term Investment?
stocks
Is Fabrinet a Solid Long Term Investment?
Costa Di Mare
The 20 Most Romantic Restaurants in the United States
Ocean Drive
The 20 Best Things to do in Newport, RI For First Timers
Lake Merritt
The 20 Best Things to Do in Oakland, CA for First Timers
The 20 Best Hotels in Tucson, AZ
Gumpert Nathalie EV
10 Things You Didn’t Know About the Gumpert Nathalie EV
Volvo's Polestar
Volvo’s Polestar May Be the Four-Door Electric Car of the Future
2021 Genesis GV80
10 Things You Didn’t Know About the 2021 Genesis GV80
2021 Hyundai Elantra 2
10 Things You Didn’t Know About the 2021 Hyundai Elantra
Orrery Tourbillon REF. 2GGBP.U01A
The 10 Best Graham Watches Money Can Buy
Junghans Meister Pilot Chronscope Watch Black Dial Numerals 0273590.00
The 10 Best Junghans Watches Money Can Buy
10 Things You Didn’t Know about Moller Watches
The Iconic No. 1 by TID
The 20 Best Minimalist Watches for Men
Don Lemon
How Don Lemon Achieved A Net Worth Of $10 Million
Sting
How Sting Achieved a Net Worth of $400 Million
Brooke Baldwin
How Brooke Baldwin Achieved a Net Worth of $1.5 Million
Sam Elliott
How Sam Elliott Achieved a Net Worth of $12 Million