When it comes to technology, one thing’s for sure: it’s constantly changing and evolving. Financial technology, or FinTech, is no exception. And while it can be tiring to keep up—let alone stay ahead—in the industry, financial institutions must do so, since falling behind quickly allows competitors to gain ground.
Currently, we’re seeing four major trends in fintech that your financial institution, no doubt, will want to take advantage of. In this blog post, we’ll discuss:
- Digital convenience
- RPA and AI technology
- Data analytics
- Omnichannel payments options
In the early 2000s, a “digital wave” of internet development, technology investments, and advances in data processing enabled financial institutions to achieve unprecedented levels of efficiency. According to PWC Global, “This wave extends from customer experience and operational efficiency to big data and analytics. In financial services, we have seen this approach applied to payments, retail banking, insurance, and wealth management, and migrating toward institutional areas such as capital markets and commercial banking.”
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