With the turmoil of currency crunch, demonetization and changing government policies in 2016 - 17. Our overview on what’s in store for Fintech industry in this New Year. With the new buzzword Regtech making its way through 2016, it looks like it will really own a strong position in 2017. Let us have a look at predictions we have for Fintech:-
- Competition from China – China is approaching towards a global leadership in B2C Fintech with companies like Tencant and Lufax. They have solutions which deserve global recognition among the Fintech industry for giving us high performing innovations.
- “Regtech” Trends – While Fintech went mainstream in 2016, we predict Regtech to rule in 2017. Banks realizing the need to regulate the processes for which they will hire people at a very high cost. Instead they would implement such Regtech banking solutions which would make their lives easy and cost effective. Unlike Fintech solutions there might be no competition among banks for Regtech solutions. But it could become a win-win situation if cooperated well with each other.
- Handshake with AI & Robots – With Regtech being the buzzword, we also have cutting edge technologies like Artificial Intelligence and Robotization in banking with tremendous potential to change the industry dynamics and show completely new direction to Fintech. With AI in place we can have seamless big data analysis and gauge informative insights to deliver personalized solutions to the banking customers. InfrasoftTech has deep experience supporting some of the most sophisticated businesses in the world. Robotization of card management process for issuing replacements for lost or stolen cards, reversal of charges, predominantly from customer-facing websites; credit check, instant approvals, moving data for claims processing, mortgage processing etc.
- Chatbots For Real – We will see banks having their own Siri like app for day to day banking transactions for its customers. This technology will replace the need to have call centers for various banking services. Almost all the necessary information will be provided by a Chatbot which a customer care executive is expected to provide. This is where the future of conversational banking lies where you will love banking with the Chatbot. InfrasoftTech assists its customers in developing bots which can help users answer business queries quickly and more easily. Bots, for example can act as an investment advisor, help trading Bitcoins, or even manage expenses.
- Facebook Bank Account – With Facebook and Apple showing its interest in the financial markets. Western companies are looking forward to pave their way in this industry. It will be no longer when your bank accounts could be linked with your Facebook accounts for direct payment transactions and processing.
- Master Fintech – With the tremendous amount of industry growth there are people who really want to educate themselves about Fintech. There are universities which offer various courses on Fintech and you can become a specialist in it. This trend will really catch attention in 2017.
- India Moving Forward – One of the most resourceful FinTech projects globally is the 'India Stack', which has many impressive layers, including a universal biometric digital identity, already issued to more than 1 billion people, as well as a single interface for all of the country's bank accounts and wallets. By this means it may drastically transform the financial services industry in the country.
From the above we have a clear understanding that a variety of banks & financial institutions should turn words into actions by adopting technology in various areas of operations. One of the latest and probably most vivid indicators of transformative processes in banking is Goldman Sachs, which brings significant automation into areas of trading like currencies and futures using complex trading algorithms, some with machine learning capabilities.
Another example is iHDFC Bank tied up with AI firm Niki.ai to bring in “conversational banking” – chatbots that facilitate commerce and banking transactions without getting out of the chat window. The chatbot is presently available on Facebook messenger where it can be used for e-commerce transactions like booking a cab, ordering food or paying bills.
InfrasoftTech is a Fintech digital solutions provider serving 450+ financial institutions across 36 countries. The InfrasoftTech landscape covers Retail & Commercial Banking, Investment Banking, SME & Asset Financing, Asset Management & Wealth Management, Brokerage, Capital Markets and Payment Solutions.
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