Security is one of the leading issues in various industries nowadays. Even in the homes of the consumers, security is a top priority. There are measures taken by homeowners such as installing security window screens and door or installing state-of-the –art technology. It is not surprising therefore that many of the latest innovations in financial technology are geared towards online security.
In mobile technology, financial services are starting to shift to mobile compatible features. Based on this year’s digital banking consumer survey conducted by PwC, there is an increase in demand for banking services using smartphones. Mobile banking makes it possible for customers to make financial transactions without having to visit a physical branch.
As a result of the increasing demand for mobile banking, there is now what they call digital-only banks which mean they do not have any physical branches customers can visit. These services are quite popular with millennials customers because they are more used to conducting financial transactions online. Digital-only banks have mobile apps which is used by customers to manage their finances wherever they are. In the future, it is predicted that branch visits will decline considerably.
In terms of security in financial technology, the latest innovation is biometric technologies. It can detect fraud in the system and also easy for customers to login through their secure app. Cyberattacks can be prevented with the help of fintech technologies such as biometric systems.
If there are major changes in the financial services industry, one of them is the adoption of blockchain technology. It is a transparent system that can help automate different financial operations which is why it is one of the latest trends from fintech startups.
Lastly, the technology with the biggest impact in financial industry is artificial intelligence also known as AI. There are many reasons why it is adapted into the industry and one of them is automation of various tasks such as data analysis. Automation helps save time as well as resources. It also has a hand in security of financial industry. Just like regular homes where security window screens are installed, the industry also makes sure that the finances of their customers is safe and secure in their system.