The four Latest Trends Transforming Fintech
FinTech is transforming and replacing the conventional financial services that include money transfer, mobile payments, loans fundraising and asset management by embracing the latest technology. The four major trends in the fintech are:
The use of mobile payment methods increases security threats, this can be eliminated to a large extent by adopting the biometrics system. Biometrics has been instilled in most of our day-to-day today technology, seamlessly adding a new layer of security. This becomes more helpful when biometrics replaces passwords and codes while accessing digital wallets and online payments.
Presently, a few major players in the fintech industry have facilitated the transformation and replacement of the traditional currency exchange systems. Presently, digital wallets have increased their popularity mainly because the transactions are easier, secure, and quick. Digital wallets enable to store all the critical payment information of the customer securely and help to get rid of the complications brought about by the physical wallet.
Cryptocurrency is a sort of digital currency, which utilizes blockchain technology and functions in a decentralized network format. Cryptocurrencies are run by blockchains that record a group of transactions in “blocks” connected to each other by digital keys. Bitcoin is considered the most widely known cryptocurrency used, even though there are numerous other options.
Automated Wealth Management Services
Automated Wealth Management Services or Robo-advisors which are AI-powered, provide accurate digital financial recommendations purely based on algorithms and mathematical rules. Robo-advisors offer customers a personalized portfolio and aid access to wealth management services seamlessly.
The Future of Banking and FinTech
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