Fintech is emerging as the fastest growing industry to facilitate the smoother delivery and application of financial services to customers across both private and public banking using advanced technologies. Already, fintech has revolutionized people’s and businesses’ financial planning, such as how they raise and transact money and how they manage and plan their finances. China’s respondents have more than 4/5 used financial technology to pay for mobile money, and half say they use it for saving or investing. Only 47% of India’s respondents reported that they have used fintech to obtain insurance.
Technology Innovation Influencing Asia’s FinTech Future
Asia houses the majority of fintech businesses. This is a result of increased investment and faster adoption. Financial technology is quickly becoming the most efficient and cost-effective technology in financial services. This allows financial service companies to personalize customer services.
AI (Artificial Intelligence), Machine Learning
AI and ML are already changing the way the financial system tries to prevent fraud. These technologies are capable of detecting suspicious transactions or intrusions in real-time. This technology allows financial institution to protect their clients by taking the necessary actions quickly.
Banks are using AI-driven robots for better customer service. These bots automate certain bank functions and can respond to customer inquiries automatically. This can save both time and money, as it reduces the chance of human error.
Deep Learning – Robotics
Robotics can be described as the engineering and design of robotics. It refers to the creation, manufacture, operation, and maintenance of robotics. The design and manufacture of intelligent machines capable of supporting humans in many different ways. Robotics has many forms. Robotic Process Automation Robotic bots (RPA) can look very like humans. These robot applications mimic human interaction by using software that performs repetitive and rule-based tasks.
Augmented Reality
FinTech is one of many industries that continue benefiting from augmented reality. This aids traditional financial institutions as well as financial technology firms. It solves common problems like scanning real-estate assets and offering mortgage calculators. AR could also improve customer service. Fintech can use immersive tech to facilitate product demos and live discussions. This company can now provide better customer service.
Fintech companies are able to use the cloud, AI, and analytic technologies to make data-driven financial decisions, analyze creditworthiness, offer personalized customer experiences, and interact and purchase specific products. They rely on data from third parties to evaluate the creditworthiness of potential customers. Additionally, they use specialized algorithms and techniques to prevent fraud and remove non-payers. They help to match the right creditors/investors and the right customers through collaboration with different financial institutions, banks, investors, etc.