Remarkable Impacts of COVID-19 on the Fintech Industry

Photo by Kelly Sikkema on Unsplash

5 FinTech Trends to Watch this Year:

The finance sector has been disrupted by innovative technology, and fintech has made managing finances easy and accessible with just one click. Banks and other firms are also utilizing the latest technologies to enhance customer experience and simplify their processes and scale services. By leveraging artificial intelligence, blockchain technology, and data analytics, the financial industry can be ready for a transformation.

  • The domestic payments generally take minutes to hours to complete, but it takes several days to complete the transaction for cross-border payments. Besides, inadequate infrastructure creates security concerns while making an international transfer. Hence, these payments are prone to cyber-attacks that can interrupt transmission. Blockchain technology streamlines payment systems, reducing the operational costs, human blunder, and falsification. It also helps banks get rid of all intermediaries in the payment processing system to lower the costs of process payments between clients and banks.
  • Check This Out: Financial Tech Review

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Christopher

Christopher

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I am a technology blogger, who loves to read and write on the latest in technology.