What Are the Top FinTech Trends of 2021?
Are you looking for Fintech Software Development services to secure a top position for your company in the financial or banking industry? Then you are on the right track. There is no doubt that finance and technology are the key factors of a successful business in any industry.
Over the last few years, the experts made constant efforts to transform the banking ecosystem into a digital platform with technological advancement. Thus the concept of Fintech arrive. This concept was triggered out during the COVID-19 pandemic with the customers’ readiness to try new digital finance services leads to the increasing speed of innovation within the finance industry.
Fintech or Financial Technology
Thus Fintech or Financial Technology is growing rapidly and undergoing several changes. With the outbreak of COVID-19, the bank branches were shut down, so they need a digital financial system to provide their services to the customers. Though COVID-19 regulations are easing and banks are reopening, the banking industry is offering traditional and non-traditional financial services to their customers. So, if you want to take advantage of fintech, hire a Software Development Company.
The FinTech trends of 2021 have revolutionized the banking industry. The progress in this sector offers to help financial institutions, banks, and their clients deal efficiently with their finances, navigate risks, and overspending.
Look at the FinTech trends of 2021:
- Digital-Only Banking: During COVID-19 time, you must have difficulties physically accessing the bank. Here the Digital-only Banking plays a vital role for the banking sector. In addition, you don’t have to spend time visiting the branch in digital banking, long queues, and mindless paperwork. Do you know from 2017-2021. that there is a growing trend of people accessing banking facilities through digital platforms? According to CACI, the number of physically visiting banks has drop 36% in the last four years. The other benefits of digital banking are instant bill payments, real-time analytics, feasible cost management, quick balance review, and reset pins from home.
- Artificial Intelligence: With the latest FinTech advancement, banks are now fine-tuning their AI solution tactics. It results in lowering banks’ operating expenses by almost 20%. Thus the bank can have huge savings. AI also manages to soar fraud threats in finance, decrease cybercrime changes, and more. This new trend of FinTech has already gain popularity among banking sectors for having the most efficient client service software using smart systems, namely virtual assistants. So, if you want to double your profit in the financial industry, opt for quality Fintech Software Development
- Payment Innovations: Payment innovation is one of the most striking features of 2021 FinTech trends. FinTech’s payment innovation trend includes several elements such as mobile payments, mobile wallets, contactless payment, identity verification technologies, and machine learning. According to the latest report, in 2018, around 440 million people were using contactless payments, and the number dramatically reached 760 million in 2021. In addition, now, most people prefer mobile wallets instead of traditional physical wallets.
- Open Banking: Open Banking is one of the most important technologies introduced by FinTech as an innovation. It brings together financial technology and bank in a single digital platform. Open banking can reconstruct the banking industry. Open Banking offers a bank to understand their information securely, letting data be shared digitally in a simpler manner among companies. It also controls clients’ banking and other financial data by third-party apps through APIs and AI. If you want to experience the magic of Open Banking technology to boost your finance industry, hire the best Software Development Company as the one-stop solution.
- Blockchain as an Industry Disruptor: Blockchain can provide several benefits for the financial sector, including Fraud reduction, Trading processes automation, Independent client verification, Smart payments, Secure payment processing. In addition, the banking or financial industries don’t need to introduce any transformation to their processes for adopting Blockchain technology.
- Robotics Facilitating Operations with Customer Service: The most exciting Fintech technology trend of 2021 is robotics facilities for internal process and customer service automation. These services include Identity verification, Fraud detection & AML, Regulatory compliance, Online loan processing, etc.
- Wider Adoption of APIs: APIs are the shortcuts for building new apps or implementing new features and services to the existing application. The innovation of APIs creates a new world of opportunities for fintech, banks, and other service providers.
- Customer Intelligence: Another FinTech 2021 is using customer intelligence for predicting revenue. As mow businesses have access to a large volume of data, they need Machine Learning to analyze it. By this process, you can get clear insights into the customers’ needs. Thus it helps the financial sector provide more personalized experiences to the customers.
- Fintech as a Service in Banking Platform: Banks are continuously exploring the benefits of hiring Fintech Software Development services as their partner to implement the current trends of FinTech. A natural outcome of this market demands the trends of fintech-as-a-service.
Why Has Fintech Experienced a Significant Growth in 2021?
The solutions offered by Fintech offer various advantages to many customers. The current Global COVID-19 FinTech Market Rapid Assessment Study shows that the number of digital transactions in the UK and Europe has increased by 17% and 21%, respectively. It is a sign of a bright future for finTech companies. Let’s look at the factors responsible for shaping the FinTech technology trend 2021.
- COVID-19 & its Recovery: The pandemic has triggered the need for a revolution in the financial and banking industry to adjust to the new normal situation. Like the other sectors, banks had to face many problems to transform the whole system into a digital platform. The latest trends of FinTech serve as effective measures to deal with the hard situation.
- Customer Experience: 2021 COVID Outbreak forced the tech laggards of top Software Development companies to switch to digital banking. They aimed to bring more efficient digital solutions for creating a good customer experience, which required a good understanding of the user perspective.
- Compliance & Cyber security: The digitalization of the financial sector raises more challenges in a globally connected world. So it demands cyber security. More advanced AI and Smart automation are matters of more concern.
What Are the Services Offer by the Top Fintech Software Development Companies?
If you make a list of the Top 10 Fintech Software Development Companies, they may offer you custom software services include:
- Custom Banking Software: The software solutions provide by Software Development Company are designe in such a way so that they can fulfill the growing industry needs. They develop banking platforms with API functionality.
- Mobile Banking Software: Mobile Banking Solutions of Fintech Software Development companies enable banks to provide their customers access to net banking anywhere with a great user experience. Top 10 Fintech Software Development Companies design an application in such a way so that it becomes mobile-friendly and easily accessible to the customers.
- Payments & Billing Solutions: The Fintech Software Development Services include digital bill payment solutions that enable banking consumers to view and pay bills without visiting the branch physically. The Software Development Company India develops large electronic bill delivery networks with high analytical skills and advanced technology.
- Peer-to-Peer (P2P) Lending and Crowd Funding Software: The finance solutions of Top 10 Fintech Software Development Companies include Peer-to-Peer lending, crowdfunding, marketplace lending, online platform-base Business lending, invoice trading, etc.
- Loan Management Software: The Software development company introduces a unified platform to manage the loan operations with the help of loan management software. This type of software is designe in such a way so that it can handle the entire loan life-cycle, including loan origination, loan management, and collections, etc.
- ATM & Self-Service Banking Solution: ATM software allows a customer to accomplish more through the self-service channel in less time. This is an automating dispense and deposit transaction at the ATM.
- Fraud Detection System: If you look at the Top 10 Fintech Software Development Companies, they must offer you Freud detection software to fight against financial crime. Thus it helps a bank innovate and reduce losses with early detection of new criminal topologies. The best Software Development Company provides cutting-edge fraud detection solutions to safeguard revenue and resources.
What Are the Latest Types of Fintech Software Available in The Market in 2021?
A few years ago, Fintech services were limited to laptops and desktops. But now Fintech Software Development services are also available on Smartphones. Let’s have a look at the different types of Fintech Software.
- Insurance (InsurTech)
- Cryptocurrency and Blockchain
- Payments Gateways
- Regulatory (RegTech)
- Peer-to-Peer lending/ Crowdfunding
List of Top 10 Fintech Software Development Companies:
While talking about the Top 10 Fintech Software Development Companies, you must mention the names of some Software Development Companies like:
- Consagous Technologies (financial software development company)
- Swenson He
- The Sneakers Agency
- Intellectsoft Technologies
- Atomic Object
- S-PRO Technologies
Boost Your Company with Software Development Company:
The role of Fintech is becoming more functional, particularly due to COVID-19. If you want to get the best benefit of digital platforms in the financial and banking industry, opt for Fintech Software Development services.