The digitalization in the financial industry is gaining momentum. While blockchain and Bitcoin are in a public eye, many technologies and innovations go unnoticed. But, namely, these technologies will change the industry in the near future. Here are the most sought after tech trends in financial software development that the majority of the organizations wouldn’t mind to emulate this year.
People don’t want to walk to banks anymore making most of their payments via the Internet. Digital banks offer all the same services but you don’t need to leave home to get banking services. Accessibility and simplicity, lower rates and fees, better user experience are the main reasons why people prefer digital-only banks to traditional ones.
We have already mentioned blockchain as the most popular trend of recent years. Blockchain is a decentralized system with encrypted transactions that are entered into a register shared by a few parties. The implementation of this technology is aimed at reducing costs and facilitating of all the processes within a company.
Artificial Intelligence (AI) is the largest commercial opportunity in today’s fast-changing world of finances. Moving to AI has taken the financial industry to a completely new level. Artificial intelligence, and especially machine learning algorithms, can collect, analyze, and classify information faster than human staff. This gives AI companies the opportunity to identify patterns and benefit from using them. These intelligent and self-contained systems will help companies automate repetitive tasks performed by people and focus on more profitable activities.
Consumers of the financial services provide banks with too much confidential information, which can put the security of their money and personal data at risk. The number of cyberattacks is increasing, so the implementation of multi-factor authentication (including biometrics), the introduction of electronic signatures, app source code encryption and other forms of digital security are required. The banking industry should adhere to the middle ground between easy-to-use software and enhanced security.
Cloud computing today is considered to be a foundation for successful business in the future. This technology provides secure data storage and processing as well as accurate analytics and reporting. This eliminates the need for financial institutions to invest money into dedicated software and hardware with a limited shelf life and in the resources needed to maintain and support them.
Despite this trend has been following us over the past few years, in 2019 mobile banking is rapidly evolving new ideas. App-based ATMs, voice-generated commands, integration with AI, biometric validation and particular attention to security are just a few reasons why mobile banking is a must today.
Above, we have mentioned just the most popular trends in financial software development. And in the field of finances, you always need to keep abreast of the latest tech trends. Competition is intensifying, and investors are choosing financial suppliers more carefully. And the shift towards increased mobility, accessibility, and automation of financial services leads to an even greater customer focus.