5 Trending FinTech Technologies To Look in 2022

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The continuous growth and development of digital technologies such as AI, ML, IoT, and Blockchain make many industries worldwide face significant disruption. Financial technologies are achieving innovative breakthroughs in the financial sector world that have allowed the industry to provide personalized financial services with increased security.

The digital transformation of financial services depends on fintech app development efforts made by financial institutions to meet customer expectations. Digitization of financial services facilitates the delivery of financial services and streamlines the entire process, resulting in reduced operating costs and enhanced security.

What are Financial Technologies?

Technologies in the financial services industry have introduced models and financial services. According to a recent report by Statista, China holds the top position in the FinTech market with total transactions of USD 1,596 billion in 2019. It is said that the FinTech market was USD 151 billion in 2017, which will increase to USD 421 billion in 2023.


PwC Global surveyed FinTech, and the following are the results they found:


  • 75% of business leaders believe that financial technologies will shift their focus to customers.

  • 83% believe that FinTech businesses capture some portion of their business operations.

  • 20% of business leaders believe that fintech businesses will take over the majority of financial services.

Top 5 FinTech Technologies For 2022

A list of emerging technologies in the financial services industry is summarized after analyzing fintech solutions and innovations in 2022.

  1. Regulatory Technology

Recent unprecedented software innovations in the financial sector have made regulatory technology mainstream in the fintech space to ease monitoring, compliance, and reporting. It is very difficult for FinTechs to maintain regulatory compliance, and thus having a single database for regulatory compliance management is one of the advantages available to FinTech institutions.


  1. Artificial Intelligence and Machine Learning

It has been more than five years since artificial intelligence and machine learning technologies impacted the FinTech industry. However, the case is not the same for AI-powered FinTech applications. There are banking solutions that successfully use AI and ML techniques for modeling techniques and data analytics.


The solution is used to analyze the performance of financial institutions to create insights and automate necessary organization processes. The software platform can process millions of financial transaction records, record demand movements, identify patterns and predict price changes for the future.

  1. Blockchain

Many Asian banks have implemented blockchain to secure their financial transactions, and European and American institutions are likely to follow the trend. With blockchain technology in FinTech, every transaction is encrypted. In addition, the token allows international businesses to transact in universal currencies.

Conclusion

With the development of technology and the ever-changing demands of the financial market, changes are inevitable in the FinTech sector. Every year fintech transforms businesses in a new way, and the way businesses incorporate these changes determines the success of the companies.


Combined AI, ML, RegTech, Blockchain, Conversational Banking, and Biometric technologies will play a key role in 2022 inlining financial operations and improving customer satisfaction.

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