Historically, the financial services industry has significantly lagged behind other verticals in terms of adopting and leveraging the benefits of latest technologies. However, as the traditional approach of serving consumers via offline methods is not only time-consuming but also cumbersome and costly; there is a need to transform the methods financial industry currently follow. To steer in the right direction that drives better outcomes for financial organizations in lesser time frame, FinTech solution providers are presently incorporating technological innovation and automation technologies in its portfolio. Fintech companies puts technology at the core of the financial solutions fundamentally transforming the way banks interact with their customers.
Transformation in the FinTech space has become evident due to the emergence of technologies such as blockchain. Incorporating blockchain into Fintech has changed the global e-commerce space. In the international market, cryptocurrencies are making it easier for individuals to transfer money oversees instantly without worrying about losing any fraction of fund during the process. Additionally, blockchain technology offers a reliable and trusted peer-to-peer payment experience.
Even the increase in number of connected devices and rise of Internet of Things (IoT) has driven FinTech organizations to collect relevant data from these devices and use them in order to grow its knowledge about the customer base. IoT is also driving insurance companies to draft personalized insurance products based on individual customers’ datasets. Similarly, with mobile becoming ubiquitous, FinTech firms are adopting mobile payments options at the earliest to dispense easy and user-friendly ways for customers to perform their financial tasks. Today, mobile banking is far more accepted and used method of banking compared to other traditional methods.
Another latest technology being adopted by FinTech firms is robotic process automation (RPA). In particular, the financial services industry leverages a significant amount of data to understand demands and expectations of consumers, and thus carries out a number of tasks repeatedly. Robots, given that they are programmed correctly and fed with right information, take care of these tasks for any department and provide results at a higher rate than its manual counterpart. Robo advisor is another big trend in the current fintech landscape. These online investment services put users through a series of questions and then rely on algorithms to come up with an investment plan for them.
With such technologies making their way into the FinTech industry, the future of this the FinTech is indeed promising and is already here. A distinguished panel comprising of CEOs, CIOs, VCs, and analysts along with the editorial panel of CIOApplications Europe have selected top 10 most reliable and future-proof FinTech solution providers. These vendors are even adept at delivering solutions that are affordable and at par with ever-changing and disrupting FinTech landscape.
We present to you CIOApplications Europe’s “Top 10 FinTech Solution Providers of 2019.”