Request for proposal
  • Facebook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Clutch
  • Github
  • Pangea
  • Behance
Request for proposal
  • Company
    • About Us
    • FAQ
  • Services
    • Discovery phase
    • Mobile Application Development
    • Web Development
    • Quality Assurance
    • UI/UX design
    • Data Science and Big Data Analytics Services
    • Artificial Intelligence and Machine Learning Services
    • Software Development Services for Startups
    • IT System & Software Integration Services
  • Industries
    • Healthcare
      • Custom Telemedicine Application Development Services
      • Custom mHealth Apps Development Services
      • Medical Device Software Development
    • Education
      • E-learning Software Development Services
      • LMS Development Services
      • School Management Software Development Company
    • Logistics
    • Fintech
      • Banking Software Development
      • Trading Software Development Services
    • Real Estate
      • HOA Management Software Development
      • MLS Software Development Services for Real Estate
      • IDX Software Development and Integration
      • Property Management Software Development
  • Technologies
    • Flutter
    • Python (Django)
    • .NET core
    • Node. JS
    • ReactJS
    • React Native
    • Custom iOS App Development Services
    • Custom Android Application Development Services
  • Success Stories
    • Reviews
    • Case studies
  • Work at Inoxoft
    • Vacancies
    • News & Events
    • Who we are
    • Career
    • AcademyX Courses
    • Benefits
  • Insights
    • Blog
    • White papers
  • Contacts
  • Facebook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Clutch
  • Github
  • Pangea
  • Behance
  • Company
    • About Us
    • FAQ
  • Services
    • Discovery phase
    • Mobile Application Development
    • Web Development
    • Quality Assurance
    • UI/UX design
    • Data Science and Big Data Analytics Services
    • Artificial Intelligence and Machine Learning Services
    • Software Development Services for Startups
    • IT System & Software Integration Services
  • Industries
    • Healthcare
      • Custom Telemedicine Application Development Services
      • Custom mHealth Apps Development Services
      • Medical Device Software Development
    • Education
      • E-learning Software Development Services
      • LMS Development Services
      • School Management Software Development Company
    • Logistics
    • Fintech
      • Banking Software Development
      • Trading Software Development Services
    • Real Estate
      • HOA Management Software Development
      • MLS Software Development Services for Real Estate
      • IDX Software Development and Integration
      • Property Management Software Development
  • Technologies
    • Flutter
    • Python (Django)
    • .NET core
    • Node. JS
    • ReactJS
    • React Native
    • Custom iOS App Development Services
    • Custom Android Application Development Services
  • Success Stories
    • Reviews
    • Case studies
  • Work at Inoxoft
    • Vacancies
    • News & Events
    • Who we are
    • Career
    • AcademyX Courses
    • Benefits
  • Insights
    • Blog
    • White papers
  • Contacts
  1. Home
  2. Blog
  3. https://inoxoft.com/blog/financial-services-technology-trends-in-2021/Financial Services Technology Trends in 2021

Request for proposal




    Please share with me NDA in advance.
    Please prove you are human by selecting the Star.

    Financial Services Technology Trends in 2021

    Financial Services Technology Trends in 2021

    Pub: Apr 27, 2021•Upd: Jan 05, 2022
    Industry:
    • Fintech
    image
    Written by
    Nazar Kvartalnyi
    COO at Inoxoft, former .Net Software Engineer

    Have a project in mind?

    Let’s get in touch!
    Table of contents
    • AI in Fintech
    • Big Data
    • RPA
    • Blockchain
    • Digital payments
    • Digital identity
    • Share trading
    • Mobile Banking
    • Various Payment Options
    • Mobile Payment Apps Types:
    • To Sum Up
    l

    Financial services used to be an industry with its own culture that required constant meetings, networking, and specific corporate rules. 2020 was defined by an unexpected and quick move to digital engagement caused by the impacts of the pandemic. As a result, face-to-face meetings eventually became online. Trading switched to remote mode, mobile banking transactions increased significantly, personal trading apps put records on transactions, and call centers provided customer support by working from home.

    Despite the pandemic outbreak, the fintech industry was able to adjust to the new conditions and continue its operations. To build trust, today financial institutions have to implement security, improve accessibility and deliver convenience. Looking ahead to 2021, here are key emerging technologies in financial services industry.

    AI in Fintech

    Looking for Dedicated Team?
    Request for proposal

    AI helps financial businesses manage risks, detect frauds, and identify data patterns that enable them to make decisions with minimal human intervention. Worldwide revenue from the AI market is forecasted to reach $125 billion by 2023. In the future, most AI apps will be developed using technologies such as machine learning algorithms and predictive analytics. It also helps consumers customize financial products and services, perform budget analysis, obtain saving advice, and realize the best of digital payment and mobile banking experiences.

    Financial Services Technology Trends in 2021

    Big Data

    Today, it is not enough to simply provide customer service in any industry. You need to understand who your clients are and sometimes predict their needs. Since more people use smartphones and mobile apps to receive services, financial institutions can use big data to study thousands of their customers’ data from sources like mobile banking history, social media, etc. Providing a high-quality user experience is a key to success in a competitive marketplace. Some of the information is unstructured and must be processed using analytics tools to identify important trends and potential risks that can help financial organizations make better strategic decisions. Managing all of this information more efficiently will be a fintech technology trend in 2021 because access to data insights is important for identifying opportunities and optimizing products and services.

    RPA

    Moving forward, robotic process automation (RPA) new financial technology that impacts fintech services in terms of increasing their efficiency and effectiveness. Generally speaking, these are software bots that can be trained or programmed to identify, learn, and minimize human interactions with a digital system. Juniper research states that the revenue from Robotic Process Automation in Fintech is expected to grow by $1 Billion by 2023. Practical process automation applications include risk assessments, security checks, data analysis and reporting, compliance processes as well as most other repetitive administrative activities. This gives financial institutions more time and workforce to perform their core responsibilities.

    Blockchain

    Looking for Dedicated Team?
    Request for proposal

    Blockchain is one of the most promising fintech technology trends that provide security and accountability in product and service delivery. Other benefits include high-level security, lower operation cost, quick transactions, better transparency, etc. Blockchain is mostly used as a means of recording cryptocurrency transactions, but it also has other applications.

    How blockchain can be used in the financial sector:

    Digital payments

    Blockchain excludes traditional bureaucracy and fees and makes the money transfer process easier.

    Find out about the USA payment gateway technology more!

    Digital identity

    If you have once registered on some financial services, there is no need to register everywhere else for if service providers are connected to the blockchain, one-time registration is applicable everywhere.

    Share trading

    With the help of blockchain, there is no need to communicate with brokers at the stock exchange market to buy or sell the shares and stocks anymore. Blockchain allows stakeholders to validate transactions and provides high levels of security.

    Although blockchain is still a new technology, we believe it is one of the financial services technology trends that will innovate the industry and attract tech-savvy clients.

    Mobile Banking

    One of the latest trends in banking technology industry is the move to digital, especially mobile banking. This industry will increasingly become a full-fledged channel of access to all banking products, operations, and services with different roles that are necessary to conduct all operational activities without being tied to an office, using a smartphone or tablet. According to the analysis, 97% of millennials use mobile banking daily. Features of the mobile banking app include 24/7 access to your account and customer support, security and fraud alerts, loan payments and bill payment alerts, etc.

    Financial Services Technology Trends in 2021

    Various Payment Options

    User’s behavior and habits of the fintech market have changed dramatically since the beginning of 2020. And switching to non-cash payment methods to avoid the spread of the coronavirus probably was one of the reasons.

    Vice President of Government Relations, Banking, and Financial Services, Leon Buck states:

    “Health experts say there is no clear evidence that COVID-19 is transmitted by cash or credit cards but retailers are putting health and safety first and have rolled out a variety of no-touch payments… While mobile payments and contactless cards have accounted for a minority of payments in the past, the pandemic has clearly driven consumers to change their behavior and retailers to accelerate their adoption of the technology”

    The level of popularity of various payment methods such as contactless payments, e-wallets, and even voice payments has significantly increased. The report forecasted that global contactless transaction values would triple from $2 trillion in 2020 to $6 trillion by 2024. In the United States alone, transaction values would grow from $178 billion in 2020 to $1.5 trillion in 2024. A National Retail Federation (NRF) survey states that 19% of people made their first contactless payment in May, with 57% predicting they would continue to use contactless payments after the pandemic. The Bank of England published a paper around the introduction of a Central Bank Digital Currency (CBDC) a new digital payment instrument that could be used to make payments by households and businesses.

    According to a report, there was $8.9 billion worth of transactions from mobile wallets in 2020. This is expected to reach nearly $14 billion by 2022.

    Mobile Payment Apps Types:

    • Bank-based apps
    • Mobile systems (Apple Pay, Google Pay, PhonePe, Amazon Pay, Samsung Pay)
    • eCommerce Platforms (Shopify, EKM, BigCommerce)

    By integrating payment methods with mobile wallets this process becomes convenient for both buyers and sellers.

    This increase in adoption, driven by the need for contactless payment solutions, will continue in 2021 as more and more customers are exposed to the convenience they enjoy when using these solutions.

    To Sum Up

    Looking for Dedicated Team?
    Request for proposal

    The speed at which the financial services industry transformed to help their customers through the pandemic is the speed at which they will continue operating in 2021. To remain competitive, financial institutions are partnering with software developing companies to reach new customers and engage with existing clients over new channels and platforms. Contact us to get insights on how we can implement your fintech ideas together.

    How useful was this post?

    Average rating 5 / 5. Vote count: 10

    No votes so far! Be the first to rate this post.

    Share it with your friends!
    ShareShareShare

    Subscribe to blog

    Related casestudies
    Trading Automatization Platform
    Trading Automatization Platform
    Integrating Online Payment Services with CBS
    Integrating Online Payment Services with CBS
    Top 5 posts
    What is Mobile Banking? Advantages and Disadvantages of Mobile Banking
    What is Mobile Banking? Advantages and Disadvantages of Mobile Banking
    7 Software Development Models Comparison: How to Choose the Right One?
    7 Software Development Models Comparison: How to Choose the Right One?
    Gradient Boosting Classifier – Inoxoft
    Gradient Boosting Classifier – Inoxoft
    Reasons Why to Use Predictive Analytics in Retail and eCommerce
    Reasons Why to Use Predictive Analytics in Retail and eCommerce
    How to Design a Web Application Architecture: Components, Models and Types
    How to Design a Web Application Architecture: Components, Models and Types
    You may also like
    Automation of financial processes
    Automation of financial processes
    Jan 05, 2022
    What is the Difference Between Data Science and Data Analytics: Complete Comparison
    What is the Difference Between Data Science and Data Analytics: Complete Comparison
    Dec 16, 2021
    Best Practices on User Profile Design with Examples
    Best Practices on User Profile Design with Examples
    Dec 13, 2021
    Advantages And Disadvantages Of Flutter App Development
    Advantages And Disadvantages Of Flutter App Development
    Dec 06, 2021
    How to find and hire an offshore software development team
    How to find and hire an offshore software development team
    Dec 03, 2021

      CONTACT US

      If you have any questions, feel free to contact us.

      image
      Viktoriya Khomyn
      Head of Engagement




      Please prove you are human by selecting the Key.
      Attach a file

      Top-rated software development company

      180+Experts

      7+Years on the market

      150+Happy clients

      200+Happy Projects

      70%Startups

      30%Existing businesses

      What happens next?
      • Our representative gets in touch with you within 24 hours.
      • We delve into your business needs and our expert team drafts the optimal solution for your project.
      • You receive a proposal with estimated effort, project timeline and recommended team structure.

      Microsoft

      Clutch

      Istob

      image
      • Kulparkivska St, 59, Lviv, Ukraine, 79015
      • 1601 Market Street, 19th Floor, Philadelphia, USA, PA 19103
      • 3 Hanehoshet St, Building B, 7th floor, Tel Aviv, Israel, 6971068
      • contact@inoxoft.com
      Menu
      • About Us
      • Case studies
      • Reviews
      • Vacancies
      • News & Events
      • Who we are
      • Career
      • Benefits
      • Blog
      • Knowledge Base
      • Scholarship
      Services
      • Discovery phase
      • Mobile Application Development
      • Web Development
      • Quality Assurance
      • UI/UX design
      • Data Science and Big Data Analytics Services
      • Artificial Intelligence and Machine Learning Services
      • Software Development Services for Startups
      • IT System & Software Integration Services
      Industries
      • Healthcare
      • Real Estate
      • Education
      • Logistics
      • Fintech
      Technologies
      • Flutter
      • Python (Django)
      • .NET core
      • Node. JS
      • ReactJS
      • React Native
      • Custom iOS App Development Services
      • Custom Android Application Development Services
      • Terms Of Use
      • Privacy policy
      • Sitemap
      • Facebook
      • Twitter
      • Youtube
      • Instagram
      • Linkedin
      • Clutch
      • Github
      • Pangea
      • Behance
      © 2022 Inoxoft, All rights reserved

      Contact us

        Have a project? Feel free to call, send us an email or complete the enquiry form.




        Please share with me NDA in advance.
        Please prove you are human by selecting the Tree.