Fintech companies are already using AI, and the technology is expected to take over the sector in the future.
FREMONT, CA: According to a study conducted by payment technology companies, 67 percent of fintechs consider AI would have the greatest effect on the industry in the next five years.
This information comes from the Fintech report, which offers valuable insights into how fintech is evolving today from those closest to the technology causing it. The research includes inputs from key technology vendors and is dependent on a study of 80 fintech leaders.
The study's goal was to find out what fintech professionals considered about the five technologies that have been predicted would have the most significant influence in the next five years. Application programming interfaces (APIs), artificial intelligence (AI), blockchain, low-code, and edge computing were developing technologies.
Emerging technology used by fintech
Even though many people still consider AI to be a future technology, fintechs are already using it. Blockchain will increasingly be employed in smart contracts and for privacy and secrecy. APIs are indeed a commonplace technology, primarily due to financial services regulation. They'll continue to grow in popularity and make service integration easy.
To make the most of minimal code, fintechs will need to change their mindset towards development, and the study indicates that Edge Computing may be technical to breakthrough right now, but its benefits will become evident with time.
Fintech may be viewed as a technological revolution, but it is also a transformation in perspective, continual development in which awareness and knowledge of new technologies is critical. This research provides firsthand information on the technology and recommends the following measures for fintechs who don't want to be left behind.
• APIs are used by fintechs and are the most commonly used new technology today due to the rise of Open Banking.
• Despite its reputation as a future technology, fintechs are already employing AI.
• Blockchain technology is being used by fintechs, proving that it has progressed beyond the hype and is now being used more extensively.
• Low-code is employed by 16 percent of fintech companies as they try to speed up development and refocus developer time on high-value projects.
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