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The top latest FinTech trends to watch out for in 2023: Shaping the future of the FinTech industry
FinTech or Financial Technology has been transforming the financial industry for several years now. It is the use of technology to improve and streamline financial services. This leads to the emergence of FinTech trends attributed to the advancement in technology, and customers’ need for financial services to be more accessible and convenient.
The FinTech industry is on the rise with new innovative cutting-edge developments. From mobile banking and digital payments to AI and blockchain technology, there are multitudes of innovative financial products and services that are changing the financial landscape. The FinTech sector is adopting technologies for different purposes. Some global trends in FinTech gaining popularity and transforming the FinTech landscape in 2023 include digital payments, AI, Blockchain, and Open Banking. One of the biggest FinTech trends in recent years has been the rise of digital payments and AI. Let’s now look at the other major tech trends, that is the top 5 latest FinTech trends of 2023:
1. Digital or Contactless Payments
Digital payments are growing in popularity with the rise of mobile wallets and digital currencies. Digital wallets such as Google Pay, and Apple Pay are becoming popular for contactless Payments, in-store purchases, and online transactions. There is a growing demand for convenient, accessible, and secure service
2. RegTech Solutions
RegTech or Regulatory Technology is a growing field as there is an increasing need for regulation in the financial industry to ensure the safety and security of consumers. It provides Cybersecurity, financial stability, and data privacy.
3. Blockchain Technolgy
Not only in cryptocurrencies but blockchain technology is also been used for applications like smart contracts and supply chain management. it mainly offers security, reduces costs, and is a greater transparent platform for all businesses.
4. AI in Financial Industry
AI in the financial industry is used to automate processes, detect fraud, and analyze data to provide personalized recommendations to customers. It is used to improve efficiency, reduce costs and enhance customer experience.
5. Open banking
Open banking allows third-party financial service providers to access customer financial data through application programming interfaces. This ensures customers’ financial data security while sharing with providers who offer a more personalized service.