Fintech is disrupting the traditional banking and financial services space with innovations backed by robust technology and nimble execution capabilities. We will witness innovative ideas come to life in the fintech space in the coming year. Here are the top five trends listed on trends seen in the fintech industry.
Digitalization, security and privacy have become core concerns of the fintech industry. As per a recent Fiserv study, 57per cent of the customers who haven’t used mobile banking yet have cited “security concerns” as their primary reason. Hence, data protection and privacy will continue to be at the centre of technological evolution in the fintech industry. Fintech companies will be very careful while handling Personally Identifiable Information (PII) about a customer. These companies will leverage technology to ensure security and confidentiality of such data collected if any. They will also use technology to comply with regulatory mandates such as GDRP.