The FinTech industry isn’t going to stop expanding any time soon. Part of its huge success was the global pandemic which forced many businesses to go digital. For example, users rely on technology and the FinTech industry due to easy-to-use banking services, which pushed transactional costs to go down. In other words, FinTech companies can deliver better solutions for a lower price.
The question is, how can you grow your FinTech business even quicker?
Contactless payments
Many FinTech companies invent new and improved ways for customers to pay for their services more efficiently. This is why many go cashless and prefer contactless payments better. They accept e-wallets and provide user-enhanced one-click payment methods.
Since you don’t need to carry a wallet or a card anymore, all you need is your phone or a similar device, such as a smartwatch. There’s no need for swiping – hold your device near a card reader, and voila, you’re done. Such checkout sessions are powered by contactless payment technology based on Near-Field Communication (NFC) or Radio Frequency Identification (RFID).
Digital banking
If you’re thinking about stepping up in your business game, you should definitely switch to the quick and secure digital way of banking. Paper-like methods and physical banking branches aren’t convenient to demanding customers. The same rules apply to contactless payments; all that the customers need is a well-developed app where the services could be provided in one place – banking statements, balance, and transaction history – in one app on your phone.
Online banking has the same benefits as traditional banks but offers remote opportunities. Nowadays, you can apply for loans or set banking alerts and transfer funds while sitting back on your couch at home. Online banking systems have strong security features; therefore, personal information stays safe.
NFTs
Being around for a few years, the market has exploded again with the re-emerged wave of non-fungible tokens – NFTs. People are buying them, and celebrities are spending millions on the sales of NFTs as well as promoting this trend on social media. According to recent calculations, the popularity of NFTs reached $25 billion at sales last year. This is a widespread trend since NFTs can be anything you like – from art or clothing to music and housing.
The digital tokens can be viewed as a form of virtual asset ownership. The ownership of the non-fungible tokens can’t be changed because the unique right of the original item lies with one person. For example, you can buy a digital copy of Picasso’s most outstanding work in NFTs, but the original painting is the most valuable and irreplaceable. The digital space has no limits; that’s why NFTs are most likely to become a mainstream trend and a business investment that everyone wants to have.
Artificial intelligence
One of the most-talked-about matters in the FinTech world, without a doubt, is Artificial Intelligence (AI). The groundbreaking integration revolutionized many businesses by providing the opportunity to deliver a seamless experience for the customers. Due to AI, companies reduced operational costs, increased productivity and process efficiency, grew revenue, and improved relationships with other FinTech startups.
The rewarding technology’s benefits outstand human performance due to speed and efficiency and avoiding human error. Businesses can make decisions faster, collect data quicker, monitor and automate processes better, research and analyze more productively and maximize sales opportunities. Due to AI, customers receive a more personalized approach and a seamless experience. Many financial sectors use AI for automatic fraud detection, predicting investments, and battling money laundering.
Upgraded cybersecurity
FinTech businesses are snowballing, but let’s not forget the risks that come with such a speedy digital transformation. The benefits of quick and easy online services are combined with drawbacks in the digital age, such as cybersecurity threats. Business’ data holds an immense value in the market, as hackers target to steal important details and use them against companies. That’s why the primary trend in 2022 for FinTech or any type of organization should be upgrading its security.
Technology is getting more advanced, but so are hackers’ techniques. Maintaining a reputation and building customers’ trust isn’t possible without a proper security system. Investments in Anti-money Laundering (AML) and Know Your Customer (KYC) compliance is a trend that’s become a must for FinTech companies.
Nobody wants to have their identity stolen. With proper tools, you can protect the business from such damaging risks. Identity verification API is an effective customer verification solution collecting the needed data and allowing your businesses to get accurate results via API. That’s why many companies stick to the regulations and welcome their newly registered customers by verifying their identities online. These automated digital solutions improve security and customer onboarding, making user interference more convenient.
Final thoughts
One thing’s for sure – all of the FinTech trends help businesses expand and branch out easier. Incorporating such trends into your platform puts your business in a growth position. Despite that, companies should prioritize cybersecurity and look up advanced multi-step security solutions to protect themselves from fraud and dangerous hackers online.
