FinTech- a compound of the words financial and technology. A relatively newer term that has everything to do with how technology has changed how we do anything related to finance. From getting your banking information in a few seconds to transacting money with one touch of your fingers, technology in finance has come a long way.
This is not to say that it has evolved to its greatest capacities. Some of its web development trends are quite innovative and there are still many milestones to achieve in the field of FinTech industry. But, we are here to create awareness about the most important ones and the ones to look out for!
Web Development Trends For The FinTech Industry:
1) Voice Security :
Another of the emerging FinTech trends and opportunities to look out for is the employment of the voice security feature. Leading banking sectors are exploring the opportunity to discourage security threats by adding a double layer of security. It will require a person to access their banking information or make transactions by issuing a command in their voice, rather than requiring them to input a code. The voice access security feature is new and in the works and needs to have all its kinks worked out before it’s ready to be launched. It is however an exciting web development trend in the FinTech industry!
2) Instant Messaging:
We are living in a generation where most millennials prefer interacting with humans over technology rather than in person. It is also the trend nowadays to demand for a piece of work to be done from the comfort of the home. Keeping up with that trend, all the famed companies have chat boxes to tend to the issues of a consumer. The banking sector has been a little behind in this regard, but it is only to be expected that they will launch this feature at some point in the future. The benefits of fintech in web development, therefore, will be huge. People will be able to request services such as blocking a card, issuing a cheque book, without having to wait for a specific period.
3) Embedded Finance Market :
What is embedded finance people ask? It is the future. Embedded finance market is in basic words, an integration of services that one finds in a bank or financial institutions on online platforms. It has started to break ground in several sectors but the possibilities to what it can expand are endless. Today, we can order first and pay later. We are not talking about cash on delivery here but online payment which can be done like a credit card but is far easier to use. Another example of this interface is EMI payments online for even not so pricey products. Today, people when buying from an online marketplace are provided with an option to segregate the payment into the time frame they desire. More importantly though, this option online, unlike in banks, is interest free most of the time.
You can also read “Eight Innovative Ways Fintech Is Changing The Way You Use Money“.
4) Biometrics And Facial Recognition :
For working professionals who have their whole life on a gadget, there is nothing worse than its content being hacked or stolen. The evolution in how we do things has been immense, but it has also given rise to petty thefts and hackers constantly trying to get into our sensitive data like bank passwords. From 4 digit pins to OTPs and requiring input of a password that looks like cryptographer’s code, it is clear that web development trends in this area are constantly growing. The next phase would be Biometrics. Apple and some government companies have already started using biometrics and facial recognition to provide better security for gadgets and identification documents. It is only a matter of time before the rest of the world adapts to it as well.
5) Cloud Banking And Blockchain:
It was merely a few years ago when cloud and space when strung together did not make any sense. Now, however, people prefer purchasing space on clouds and drives to avoid storing their data offline. It’s because cloud computing is secure which makes difficult for hackers to hack data from it as compared to stealing a laptop. Moreover, the information is also easier to access because of the cloud storage’s versatility. Cloud banking will enable people to tabulate all their banking needs in one platform. Blockchain, on the other hand, will provide and tabulate real-time data about previous transactions and alert the user to any wrongdoing if there’s a discrepancy in any transaction.
Conclusion
As we have elucidated in this article, there are a plethora of upcoming web development trends for the FinTech industry. There’s a very good chance that in the near future, banking as we know it might cease to exist. That means, we probably won’t be needing to go to banks in person for any service that we might require.