Research On Global Markets
Syndicated Market Research Report
For years the financial industry avoided the trendy trappings of the tech world. However, only recently the financial sector has become flush with significant technological change. With the injection of block chain, this change has become apparent. The global fintech market is transforming, and will continue to do so as the industry is becoming more receptive to innovation. Fintech industry has made it easy for people to make cross-border remittances, automate regulatory functions and ease the process of taking loans. Following are a few trends driving the global fintech industry: 1. Robotic automation and artificial intelligence: personalized insurance products have been created by an increase in connected devices and the means to process that data. Know your customer (KYC) and anti-money laundering software incorporate with artificial intelligence have cropped up recently. As greater funds are been allocated to automation of financial processes, solution for risk management, regulatory reporting and compliance will continue to develop. 2. Mobile payment to grow globally: Barriers to entry put up by traditional brick-and-mortar banks have accelerated the development and widespread use of mobile banking as a primary and exclusive method of financial management. The proof of identification and distance to traditional brick-and mortar banks may act as a barrier, especially for those who live in the rural areas. Greater smartphone adoption is driving the mobile banking phenomenon. Anyone with a smartphone and internet access can become a part of the financial system without having to open a traditional bank account. 3. 5G technology: mobile payments development will be supported by the greater deployment and adoption of 5G technology. 5G technology reduces latency and increases transaction speed. The network will be able to handle the amount transactions at scale. Browse our full report with Table of Contents : https://www.researchonglobalmarkets.com/global-fintech-market-2018-2023.html There are massive markets waiting to be tapped by fintech companies looking to expand the number of the financially included. Our related post: What is pushing forward the global fintech market? What are the trends impacting the global fintech market?
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