FinTech has become one of the most inventive sectors which are influencing the world economy by embracing advanced tech tools and customized software solutions.
Financial services are transforming because tech-savvy millennial has become the most important investors.
Moreover, FinTech has multiple key benefits which can help the financial services to optimize their workflow and provide a seamless experience to their customers which comprise brokers and traders.
As per above-mentioned benefits enhancing customer experience is one of the biggest outcomes of adopting tech-driven platforms and tools in the finance landscape. In order to provide investors and brokers with intuitive trading platforms, finance companies are hiring software engineers who can create custom-fit trading software systems tailored to suit their specific business needs.
Experienced programmers help these startups to exploit information in new ways by leveraging modern tech tools and Big Data analytics. But due to intense competition in the finance sphere, it has become even more daunting for FinTech startups to build tailored digital products powered with cutting-edge technologies to cater to their target audience and their specific requirements.
Moreover, due to continuous tech advancements and innovations FinTech companies have to prepare themselves for the future and get an idea of what will be the future of custom software development in the FinTech landscape? Do you have an idea? No? Don’t worry.
Let’s make this easier by exploring some of the most prominent and promising technologies which can be held responsible to shape the future of FinTech custom software development.
1. Blockchain Trading Platforms To Maintain Complete Transparency
FinTech startups can leverage this technology to create reliable digital platforms with complete transparency. Smart contracts are the biggest gifts Blockchain could ever give to the traders. This technology has automated complex financial processes.
As per Deloitte, financial services are the top-most group to join blockchain consortia who have enthusiastic professionals with ambitious goals to deploy blockchain for creating reliable financing tools and solutions. Let’s look at the stats with the help of an image:
Blockchain technology is rapidly gaining popularity in the FinTech sphere because it has the power to create platforms with which you can optimize the authentication process for large scale transactions. Also, these solutions can streamline various processes for brokers and traders in order to save their precious time and let them focus on important investment matters.
2. Artificial Intelligence (AI) For Optimizing Personalization With The Help Of Data-Driven Platforms
AI has come into the mainstream of the FinTech world as it helps programmers to build regulatory software systems and personalized digital products based on the evaluation of huge amounts of data. AI-driven tech platforms help financial services to understand their customers in a better manner.
According to a survey by Mediant, showcased on Medium, AI will be the leading driving force in the further development of customized financial tools and solutions. Let’s get a better idea with the help of this illustration:
Moreover, this technology can be leveraged to create anti-money laundering software solutions to minimize the number of fraudulent activities happening in the digital finance landscape. With the help of this advanced tech tool FinTech companies are launching intuitive products to streamline the entire process of trading.
AI-driven trading software development have become popular because these tools promise to provide investors with constant and safe returns. Wealthfront and Betterment are two such AI-powered systems which help traders in earning more interest. Also, these solutions help investors in managing their savings and automating their investments at the least possible cost.
3. Biometric Technology For Optimizing FinTech Security
The financial tech products and platforms are quite beneficial but at the same time they are vulnerable to cyber attacks and data breaches. Biometric technology can make these tools hack-proof and this is why this modern technology is believed to shape the future of custom software development in the FinTech landscape.
4. Mobile-Friendly Products For Catering To Digital Audience & Providing Them With The Ability To Make Payments Instantly With eWallets
Consumers’ banking habits have completely digitized and the majority of them use mobile devices to manage their wealth and investments. Considering this booming trend in the FinTech space in the near future it’s believed that there will be a rise in the development of custom finance and investment apps.
App development is becoming a hot trend for the trading sector as it allows programmers to build products that can simplify the investment processes. The only thing to consider here is the selection of the right tech stack for building your financial app. An experienced software development partner can help you in overcoming these hurdles easily.
Moreover, mobile payments have also transformed the FinTech software market and will continue to be one of the major driving forces in the future also. Let’s have a look at the data compiled by Statista which revealed that mobile payment volume is expected to increase tenfold by 2021.
5. Robotic Process Automation (RPA) For Improving Operational Efficiency
Automated FinTech platforms like investment robots can save a lot of time for financial service providers as well as traders as they can perform repetitive and tedious tasks to streamline and optimize their workflow.
With the help of these robots, it becomes easy to perform mundane tasks such as data entry. Also, these robo advisors can help investors in taking well-informed and data-driven decisions to double their wealth. These platforms can help financial services to maximize operational efficiency and minimize wastage.
The FinTech landscape has been transformed due to the tech-savvy millennial as they want technology to be an integral part of their day to day life. Considering the continuous evolution of the technology sphere in the near future also experienced programmers will continue to create intuitive and reliable tech-driven platforms for catering to the financial services and their customers.