Technology and finance have gone together in several ways over the years. Now called FinTech, most of the financial activity is carried out on mobile phones, enabling more people to have access to financial services.
Apart from the obvious (increasing access for individuals), technology has also driven a variety of drastic changes to financial systems around the world and with improved security, it is reliable and efficient.
The fintech revolution is continuous, however, and the following are some of the most pivotal trends which will shape the future of finance, driven by savvy entrepreneurs.
As financial services have moved from the realm of face-to-face to remote interactions, security has been one of the major concerns that all stakeholders have had to grapple with. With Cybercrime continuing at a high rate, it is even more crucial to have strong and reliable security. Water-tight biometric systems are one such way this is improving.
Open banking is reported to have generated $7.29 billion in 2018 and is expected to reach $43.15 billion by 2026. Open banking is giving companies a way to leverage data, helping people lower their debt and make more profitable investment decisions. Nowadays, the open banking concept has seen a resurgence due to the increase in data protection laws that allow customers to access and move their data as they wish, but also due to the increasing cooperation between fintech companies and traditional banks.
While cash payment still exists, it is clearly no longer a preferred way of making payments. As the world moves towards contactless payments, mobile payments have become a priority in the financial services industry. Giants like Apple and Google have also stepped on the bandwagon.
With all this evolution in the financial sector, organizations are leaning more and more towards reliable partners for Managed Services and Products that ensure security, ease of operations and complete transparency and trust between partners. PSI, as a trusted partner, plays an integral role in making this possible.