Bank closures are on the rise as a result of changing consumer habits caused by the pandemic. Digital banking provides a better customer experience while also providing faster and more efficient services.
Fremont, CA: Prior to the pandemic, AI adoption in the financial industry was quite slow. When the world came to a halt, financial institutions and their partners around the world were finally compelled to automate the rest of their banking services and make them more customer-centric. What does the year 2022 have in store for us? Here are some fintech trends to watch:
Digital Banking
Bank closures are on the rise as a result of changing consumer habits caused by the pandemic. Digital banking provides a better customer experience while also providing faster and more efficient services. According to recent statistics, 64.6 percent of US citizens will use online banking in 2021, indicating that online banking has finally become a transformational tool in finance. The good news is that digital banking is about more than just going paperless and cashless; the underlying technologies have significantly aided in the transition from a centralized, traditional banking model to a more distributed, technology-driven one.
Fintech
White labeling is the next popular fintech trend that one should not overlook. In a nutshell, white-label products are created by a provider and then rebranded before being sold. Finance management is a complex subject. White label fintech solutions make it simple for businesses of all sizes to set up a global payment gateway. It is a true win-win situation because it provides the distributor with a larger customer base while lowering the reseller's initial launch costs.
Blockchain Technology
According to a recent report, the global blockchain market will grow from $3 billion in 2020 to $39.7 billion by 2025. Blockchain is without a doubt the most significant financial innovation for digital transactions because its management is distributed, implying that it cannot be controlled by a single individual, company, government, or bank. Although businesses are concerned about the security of this cutting-edge fintech, blockchain's growing acceptance as a means of creating a secure digital ledger cannot be overlooked.
