The biggest trends in fintech today are centered on improving customer experiences, and the interfaces being designed today aim to enable users to seamlessly and effortless merge the new technologies into their lives. These interfaces are increasingly taking responsibility for common human chores; moreover, they are starting to show up in financial services. Here are six examples of how innovation and change is happening in fintech:
- Chat Applications – Applications with a chat feature help build deeper interactions with customers in a way that is contextual and convenient.
- Biometric authentication – Data security is a prime concern, especially in regards to finances, and financial companies are beginning to test biometric authentication solutions.
- Voice recognition – In March 2016, Capital One became the first financial institution to enable clients to access their finances using just their voice.
- Internet of Things – In an electronically connected world, technologies are moving towards things like sales suggestions based on your location and, eventually, refrigerators that order and pay for groceries.
- Blockchain – Blockchain creates a distributed ledger that enables trust, accountability and transparency while streamlining business processes.
- Artificial intelligence – The power of computers to understand, reason and learn by themselves is growing exponentially. Eventually, such artificial intelligences will help us make decisions faster, more accurately and more efficiently.