Digital transformation of financial services sails on the financial technology development efforts made by financial institutions to meet customer expectations.
The ongoing rise and growth of digital technologies like AI, ML, IoT, and Blockchain several industries around the world are withstanding a significant disruption. Even the financial sector is ready to transform with the escalation of investment in financial technologies
In the world of the financial sector, financial technologies are the innovative breakthrough which has given the industry an opportunity to offer personalised financial services with increased security. In simple terms, the idea of digital transformation in the financial sector revolves around transforming traditional financial services to more simple and straightforward digital financial services.
Digital transformation of financial services sails on the financial technology development efforts made by financial institutions to meet the customer expectations. The digitisation of financial services not only makes the delivery of financial services convenient, but also it streamlines the entire process which results in a reduction of operational costs and strengthening security.
Rise of FinTech Application DevelopmentEmerging technologies in financial services industry have evolved over the years and made it possible for developers to develop secure and convenient fintech applications. Now, it has become possible for fintech businesses to stay compliant with the fintech regulations. Fintech services like eWallets, UPI payments, digital banking, online trading, and many others are reshaping the world of finance.
What are Financial Technologies?Before we dive further into the world of financial technologies, let’s understand what these are. Financial technologies are advanced technologies that help financial institutions deliver their services with ease and convenience. The emerging technologies in financial services industry have even introduced new business models and financial services.
The modern customer looks for the services that are easily accessible and offer them quick responses promptly without making them wait for long. Thus, the traditional model of delivering financial services will go into oblivion in the coming times as the fintech business model will gain its momentum.
According to a recent report by Statista, China holds the top position in the fintech market with overall transactions valuing at USD 1,596 billion in 2019. Another report states that the fintech market will grow to USD 381 billion in 2022 from USD 151 billion in 2017. The statistics indicate that it is a multi-billion dollar industry and will continue to grow rapidly.
The Comprehensive Guide to Mobile Banking App Development
In the digital age, mobile banking apps have become a necessity for financial institutions aiming to provide convenient and accessible services to their customers. With the rise of mobile technology and the impact of the COVID-19 pandemic accelerating the shift towards digital banking, financial organizations are increasingly investing in mobile app development. This guide outlines a detailed seven-step process for creating a successful mobile banking application, incorporating the latest industry insights and security measures to meet customer expectations and regulatory requirements.
What is the Cost for Custom Logistics Software Development?
Transport is the backbone of the global economy, And it is also necessary for the continuous progress of all industries. The transportation and logistics industry is always keen to adopt technologies to streamline their operations. Many transporters prefer to use fleet management solutions. However, some fleet operators often think what is a logistics management software, and how can we develop a good logistics software. This article covers all the essential topics related to logistics management software like types of logistic mobile apps, cost of developing logistics software, etc.
Essential Features for Your Peer-to-Peer Lending Application
Peer-to-peer (P2P) lending is a revolutionary approach to obtaining loans, offering an alternative to traditional banking and credit union loans. In this system, loans are granted using the assets deposited by other customers, rather than the bank's own resources. P2P lending apps have made the lending and borrowing process more convenient, providing a win-win situation for both borrowers and investors. This article will delve into the key features your P2P lending app should have, the benefits of P2P lending, and the process of obtaining a loan through these apps.
