The financial and banking systems have always used traditional approaches to customer experience. However, most of them are already outdated and do not meet the modern needs of consumers. More and more companies are beginning to talk about the importance of financial inclusion, which means equal access to financial services for all social groups. To overcome these problems, many fintech companies come up with new solutions and technologies, you need to find https://fireart.studio/blog/top-10-fintech-software-development-companies-2021/ a reliable fintech development partner for your project.
Expansion of the functionality of applications
People are becoming more demanding. They want personalization and variety of possibilities. This motivates developers of banking applications to expand their functionality. This includes insurance, investments, digital credit cards, and other areas. Further - more: banking applications can add the functionality of registration of insurance for a car, registration of real estate transactions and delivery of goods to your home.
Business automation
Doing business requires regular complex operations and paperwork. Their automation will be another significant fintech trend in 2021. Online banking will give customers the ability to receive electronic checks and invoices (although these are increasingly being created online). Banking apps will become a place for bookkeeping and even getting legal services. This frees you from the hassle and allows you to focus on more important things than filling out and sorting hundreds of pages of documents.
Blockchain technology
The blockchain appeared several years ago, so we just have to make the most of its capabilities. He assists in data protection, identity identification, company verification, transaction registration, investments, risk management, contract signing. This breadth of use is due to the safety and reliability of the technology, so you can expect the same diversified development in 2021. The most relevant area for fintech is cryptocurrency. Bitcoin will continue to grow; other cryptocurrencies are trying to keep up with it. The demand for them is increasing, so the ability to work with these currencies is relevant for banking applications.
RegTech (regulatory technologies)
Government authorities and financial markets set their requirements for banking structures. There are so many of these rules that companies do not keep up with them - and spend huge sums on lawyers (at best) or fines (at worst).
