AI News, Fintech Trends: 7 Things Disrupting Financial Technology in 2019 artificial intelligence

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Innovative and creative services/solutions developed by utilising new technologies in every sector proved us, that it is possible to manage a lucrative business while providing efficient and delightful customer journey.

Needless to say, the financial industry is the core of a functioning economy, serving to 4 main functions: Until a couple of years, traditional financial institutions were meeting customer needs more or less- or customers weren’t so acquainted that they could get a better service.

In the finance industry;FinTech firms are now providing customer-centric services in almost every segment(banking- BankTech, insurance-InsurTech, wealth management -WealthTech, payments- PayTech),and create new business models for selling financial products/services.Let’s see in which areas FinTechs are changing the landscape of the finance industry by utilisingBig Data, Artificial Intelligence (AI), Blockchain, CloudandMobility.

Peer-to-peer (P2P) lending:FinTechs have introduced the industry to a new business model where the technology brings savers and borrowers directly together (removing the middleman) which will significantly transform the lending business and SME financing.Various lending platformsoffer services from students to high-potential borrowers and investors.

Customer-centric products and solutions:Fintech firms now align with customer goals with agility and an improved customer journey.They are able to analyse the journey from the customer’s perspective and able to redesign in a more efficient way.With the effective use of customer data through big data analytics Fintechs provide;

Penetrating niche segments:With advanced distributions and innovative low-cost solutions (AI based automations, robo-advisors etc.) FinTech firms are able to offer affordable services to niche segments traditional financial institutions have never reached.

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