Top 5 Fintech Trends That are Shaping the Future of Our Society

In the fintech industry, startups and entrepreneurs are working hard to bring products and services of the future to the masses today. Doing so will still require some time and money before this can become a reality, though.  There are some trends, however, that everyone is keeping an eye on right now, and they may very well become the fundamental pillars of financial services in the next decade.

#5 Biometric Authentication For Security Purposes

It has become apparent that our current security standards are anything but sufficient. Hackers and other criminals can bypass most measures with relative ease, exposing sensitive user information to the wrong people. Biometric authentication can change all of that, as it cannot be tricked. It may only be a matter of time until we use fingerprints and iris scans to access financial services. Voice authentication is still an option as well, although its feasibility has yet to be determined.

#4 Blockchain Technology Will Shake Up All Sectors

The success and viability of blockchain technology in the real world have yet to be determined. Various banks and other enterprises are  known to turn thought processes into a proofs of concept. However, they only do so in a sandboxed environment. We will see blockchain adoption in the real world sooner rather than later, but for now, it remains a lot of talk with little action. Bitcoin is perhaps still one of the biggest real-life use cases for this technology to date.

#3 Big Data And Smart Data

People who have been paying close attention to the fintech sector will have noticed that big data is becoming the buzzword as of late. Companies have a treasure trove of information at their disposal, yet fail to harness it. That situation is slowly changing, as big data analytical tools are becoming more accessible ro everyone in the world.

But big data will not be the ultimate answer to identifying customer needs and desires. Smart data, which defines big data into tidbits that are easy enough to be interpreted and linked to specific use cases, is the new norm. It is not easy to create this refined form of analytical tool, but various companies are taking significant steps in the right direction.

#2 Mobile Services Are In High Demand

It is impossible to deny the opportunities that mobile solutions offer both the unbanked and banked people of the world. Since we carry mobile devices on our bodies at all times, the world is just a few taps and swipes away. Finance is one of the primary points of focus during the mobile revolution. Digital wallets, messaging platforms, and various products are all targeting a mobile crowd. Rest assured that this trend will continue for many, many years to come.

#1 Artificial Intelligence [and Deep Learning]

The biggest advancements are being made in AI and deep learning right now. With artificial intelligence creations being capable of learning  new things themselves, significant steps are taken to create some form of consciousness. It is only a matter of time until AI takes over some of our jobs, but it will be for the betterment of our society as a whole.

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