FINSERV
“ With a rather full market , what would make a fintech stand out from the crowd is customer experience , support , and most importantly , building a brand that has a purpose which is engrained in the fabric of the company .
FINTECH TECHNOLOGY TRENDS FOR 2021
1 . Microservices : Moving away from the old , legacy system monolithic models , microservices break down the applications into smaller , more flexible services that can be integrated , slowly upgrading more traditional platforms . Examples of microservices would be blockchain , cryptocurrency and AI . These solutions are changing the face of the finserve industry .
“ This purpose will need to connect with the target market of the company and should become a verb in their everyday lives .”
Lamers says that fintechs can provide “ superb customer experiences ” by reimagining traditional products into newer , digitised versions . Technology is on the side
“Fintechs should invest time in their infrastructure and not solely on their product and its associated functionalities ”
MARK LAMERS DIRECTOR OF VARTION
2 . AI and ML : Artificial Intelligence ( AI ) and machine learning ( ML ) have been hugely instrumental in transforming other services and products . The collection , aggregation and resulting insights from big data provide invaluable information on market demand and customer preferences .
3 . Decentralised finance : Currently enjoying exponential growth , decentralised finance ( DeFi ) looks set to revolutionise the finance industry . The technology is proving popular because it operates outside of the central , regulatory financial systems and democratises finance for those poorly served by incumbents .
4 . Predictive analytics : Being able to predict market activity and possible threats to security are both immensely useful elements provided by predictive analytics . Not only can companies make far more accurate decisions based on algorithmic information , but they can also increase their fortification - a critical component in today ’ s environment .