Research On Global Markets
Syndicated Market Research Report
Financial technology (Fintech) is used to describe those technologies which seek to improve and automate the delivery and use of financial services. Fintech is a part of the digital economy which has successfully produced innovations that have transformed the way we live.
The global fintech market is experiencing a bullish rise due to its potential to unleash a new era of competition, innovation and job-creating productivity in the economy. The fintech market is not only about digitising money but also about monetising data. With the use of fintech technology, we can make mobile payments. This is probably the most popular among the services that fintech technology provides. Since it seems as though everyone with a smartphone uses some form of mobile payment option. The use of increasingly sophisticated technology, services have emerged to allow consumers to exchange money and make payments online. Some of the hallmark examples of fintech in action are cryptocurrency and blockchain. The blockchain sector in fintech has been dedicated to providing banking with a more seamless and efficient experience. Fintech has also successfully disrupted the insurance industry and includes everything from car insurance to home insurance and data protection. Fintech technology has affected the insurance industry tremendously. It has improved its efficiency, worked on reducing costs and improving risk assessment and also revolutionised the customer experience. The customer services have been redefined by the introduction of chatbots and AI interfaces. Fintech is also being used in stock trading and robo-advice. The biggest technology trends that has been affecting the fintech in recent times are artificial intelligence (AI), cyber-security, biometrics, identity management and cryptography among other things. The adoption of fintech will continue to disrupt the delivery of financial services. The growth of the global fintech market can be attributed to the increasing number of start-ups catering to the financial applications like banking, wealth management and insurance. Related Story: Products that are disrupting the Global Fintech Market Is the mobile wallet market in India suffering due to rise in FinTech? Upcoming Trends in the Global Fintech Market
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