Top Trends to Witness in the Fintech Industry in 2023

We have come a long way in the last few years. No? From visiting banks in the daytime to withdraw a certain amount of money to making lightning-fast payments to various merchants from the comfort of our couch. All has become too easy. Nobody ever thought we would gain such convenience when it comes to making and accepting financial transactions. Even the invention of a QR code is no less than a miraculous thing. But why? Because it allows thousands of people to pay hundreds of vendors in exchange for a product or service.

And the best part? Every QR code is technically different from others, ensuring no payment gets credited to unintended individuals or entities, even by mistake. So now the question comes, do you want to learn about more such trends in the Fintech industry? If yes, please sail through this primer prepared under the supervision of the top Fintech software development company.

Before that, let’s take a deep look at:

What are a few statistics provided by a Fintech Software Development Company that you must see?

1. As per a popular global media organization, at least 90% of fellows in the USA utilize Fintech services.
2. The Fintech market is predicted to be worth $698.48 billion in 2030, given that it was worth $110.57 billion in 2020.
3. The rate of adoption of fintech products by millions of customers in India is 87%.
4. By 2030, the Fintech market in India will generate a revenue of around $200 billion. In addition to that, it will have approximately $1 trillion of assets under management.
5. India is currently hosting over 21000 fintech establishments.
6. India is the third largest provider of professional Fintech services across the globe.
7. 67% of total Fintech organizations in India were established in the last five years.

So, now that you have realized how wise the decision is to invest in the Fintech industry anytime soon, please look no further to an optimal Fintech app development company to develop an outstanding mobile app for your organization.

What are some trends in the Fintech industry that you must know as per a Fintech app development company?

1. The Pay Later market is growing

The first and foremost thing you must learn is that there will be a lot more clarity for the Pay Later category in the year 2023. Pay Later providers will be able to expand their services more confidently in the upcoming days. And on the other hand, consumers will find it a breeze to avail small credit.

What’s more? In 2023, all the Pay Later service providers will be able to offer credit to undeserving consumers in a more effective manner and on a large scale. And all this will help the Pay Later category to enter the mainstream and be treated as a reliable alternative to small loans by the masses.

And the most interesting part? A state-of-the-art Fintech software development company says that as more and more merchants start adopting cashless payment systems, modern patrons will be delighted. Not just that? Shoppers will be able to track their entire spending in real-time, allowing them to have a firm hand over their finances. Moreover, businesses will be able to reap the optimum benefits from:

• Faster transactions
• Lower transaction costs
• Reduced risk of fraud

2. Robo-advisors are the new talk of the town

With the development and implementation of AI technology, a multitude of investors will now be able to benefit from computerized financial guidance. Just to let you know, Robo-advisors and personal finance managers do rely on AI ideas to guide investors on the finest ways to spend their money. These types of applications are acting as a disruptive force in the industry and will be massively profitable down the line.

In case you are unversed, we must inform you that a Robo-adviser can do multiple things based on AI data analysis algorithms, such as:

• Analyze a considerable amount of data
• Adjust to a changing environment faster than real advice providers
• Present investors with the best possible options to accomplish their investment goals

The topmost Fintech app development company has found that this concept is well-liked by new investors who do not have access to traditional counseling. On top of that, the new investing instruments, like Robo-adviser have minimized the entrance load for them and allow almost everyone to mint money, even with scanty cash.

3. Cyber Security is the most pressing need

The way financial institutions are becoming more reliant on modern technologies, there is no doubt about the fact that cybersecurity and fraud prevention will become even more important in the upcoming days. In fact, you may see a lot more Fintech establishments spending heavily on cybersecurity measures to safeguard their:

• Data
• Customers
• Reputation

The expert Fintech and Blockchain developers add further that most Fintech agencies will be able to identify Fraudulent activities and repeated defaulters a lot more effectively with the help of AI and ML technologies. These days, such functions are supported by underwriting models that control the boost in automatically approved defaulting consumers.

Please bear in mind, Fraud prevention is a monumental aspect of cybersecurity, thus all financial entities will tap advanced algorithms and machine learning to identify fraudulent activities as well as prevent potential losses. From the viewpoint of a well-established Fintech app development company, this entails:

1. Monitoring account activity
2. Marking suspicious transactions
3. Implementing robust yet real-time fraud detection systems

4. Open Banking is the new normal

Open banking is a new trend that is garnering too much attention in the market due to its ability to allow third-party service providers to access patron data with the help of open APIs or Application Programming Interfaces. The main benefit of this Fintech trend in accordance with a long-standing Fintech app development company is that it can:

1. Build a more competitive marketplace
2. Drive innovation
3. Upsurge transparency

When financial agencies will share customer data with 3rd party service providers, it will become a piece of cake to render more personalized services and better products. That’s not all! Financial service buyers will also leverage a more seamless banking experience as they can avail desired services from a single place.

Wrapping-up

Now that you have comprehended the entire post and want to adopt and implement any of the trends that we discussed above, it is advisable to converse with seasoned yet knowledgeable Fintech and Blockchain developers now.