Introduction
The fintech industry has gone through the most growth in the last decade. The growth is still on a positive curve. With the new trends in the market, technologies have been fine-tuning themselves. The technology has evolved drastically.
Who would have thought ten years back that people could access their bank with the help of their smartphones ten years in time? Seeing how the fintech industry has evolved, one thing is certain that fintech is revolutionizing the finance arena.
The Fintech industry is always in pursuit of trying and experimenting with new things to develop new technological alternatives to the financial field. This is happening due to global leaders investing in fintech technology.
With the traditional methods, financial sectors would have offered their services to a limited number of customers. However, with the new technology and increasing number of customers, the fintech industry was able to boost their development, reshaping financial services.
Best Fintech Innovations You Need to Know About
With the increase in demands, the fintech industry pushed itself to the pointers to bring outer new technology to support the financial market. Let’s have a look at some of the top fintech innovations in the last decade. For more information you can visit here mynewsfit.com
1. Banking Through Digital Platform
The banking sectors have changed their way of engaging with their customers. With the digitalization and app optimization, banks and financial institutions have put all their services in the software applications. This has helped the banks and financial sectors counter the increasing demand of the customers.
All the thanks go to fintech technology to stand at the forefront of digital technology adoption and offering technological innovations. Through the digital platform, banking has made it easy for the bank account holders to complete their banking needs without visiting the bank physically.
2. Payment Gateways
The last decade has shown us how payment gateways can be a pivotal factor for businesses. Having multiple payment gateways is always better to retain most of your customers. With the increase of the eCommerce website, different payment gateways have become a norm. It is predicted that the payment gateway market will see an upsurge of 15% by the end of 2025.
Simply put, payment gateways are the ways in which customers pay. Over the last decade, payment gateways have increased from paying in cash, debit card, credit card to UPI, PayPal, and Cryptocurrencies.
3. E-Wallets
With digitalization, the conventional payment methods are dying. This has forced the banks to affiliate with third-party applications for alternate payment methods. The practice of paying online for the thing your purchase has become a norm in 2020.
In a report made by Statista, it is predicted that the market cap of the E-Wallet will hit $1 trillion by the end of 2020. Some of the mature e-commerce countries like the USA and UK have already started adopting the E-Wallet services.
4. Cryptocurrencies
If you are looking for the most influential fintech innovation over the last decade, it will be Cryptocurrencies and Blockchain technology. Cryptocurrencies that hit the market in the form of digital currencies are now a top digital asset.
The Crypto trade market has always been attractive for most traders and investors. In fact, you will be surprised that despite being only a decade old, this industry has produced the greatest number of millionaires.
The technology supporting Cryptocurrency, Blockchain, holds more potential than any fintech technology. Currently, industries are experimenting with blockchain technology to integrate it into their business to boost efficiency. One of the results of Blockchain technology is the big money rush app.
5. Digital Insurance
In the modern age, nobody can miss the opportunity to use the digital platform to stay relevant and resilient. Insurance companies are no exceptions. Insurance companies are using digital technology to reach out to every customer they can get.
The insurance companies are building solutions in the form of applications and boosting customers’ experience with business resources and relevant insurance information.
Take Away
If we go on with the list of new fintech innovations, the list will just go on. We have just selected a few, which we think have the most disruptive influence in the market. Considering how the world is shifting its shape, we can expect to see new fintech technology in the future.
