December 22, 2022
The Rise of Digitization in Fintech Industry
Today, digitization is taking place everywhere and the fintech industry is no more an exception. With the emergence of ATMs and cash machines, people can withdraw and transfer money without interacting with a human banker. Also, with the introduction of smartphones came app development services, and banking became easier. People do not have to stand in long queues just to solve their banking queries or send money to someone important. Everything is available with just a click.
Thus, the fintech industry is no more lagging behind the industry, all thanks to the top app development companies in India. So, let’s dive deeper to gather more information about how digitization is transforming the fintech industry at large.
We know how the financial industry was always prone to the traditional approach. However, with the pandemic, everything seemed to have taken a change. This industry experienced massive growth and adapted to digital transformation with the aid of the best app development company in India in no time.
The statistical data as per Bankrate might surprise you. Take a look now:
The fintech industry can be interesting if you get to know about its evolution. Hence, learn about it below:
This era began with technologies like telegraphs, railroads, and steamships that enabled the transmission of financial information for the first time across borders. Furthermore, with the emergence of credit cards, the burden of carrying cash has been eliminated.
Fintech 2.0 is all about banks. It was the period when the first handheld calculator and ATM were launched. Also, during this period, the world’s first digital stock exchange took place. The entire globe was introduced to online banking.
This era marked the rise of financial startups alongside other banks. With the release of Bitcoin in 2009, numerous cryptocurrencies entered the market. Through smartphones, people were able to access the internet and involve themselves in digital transactions.
Fintech 4.0 is the reign of Blockchain technologies and open banking. Also, machine learning paved the way and introduced more banking features. A new wave of integrated payment providers was observed.
The app development services for the Fintech industry ensure top-notch customer experience. Major businesses worldwide are relying on this technology to elevate their operations. Here’s why:
There is no doubt that in financial app development services, there is greater flexibility and convenience. With the introduction of numerous tools, businesses were able to reap considerable benefits. Through its easy useability, customer needs were met more efficiently.
For any financial business who are opting for app development, it is crucial to build a secure, safe and effective online presence. Those failing to do so might lag behind in the competition. So, how to provide data protection? With the introduction of digital technologies, the online process will become more secure.
In the present era, there is an increase in demand for digital payment platforms, credit cards, and digital wallets. With this thing, the need for app development services came into being. Your fintech solutions must be backed by advanced digital infrastructure. Keeping this in mind, financial industries are leaving no dearth in making the most out of digital technologies.
The following pointers will give you a sneak peek at what’s happening in the financial industry:
There will be a rise in demand for the virtual bank. The financial industry will notice P2P transfers, Bitcoin exchange, Ethereum, and various cryptocurrencies. Such banks are growing in numbers providing easy customer service.
Blockchain is completely changing the way people do transactions. Blockchain wallets itself stand at 40 million worldwide. Recent reports suggest that by 2025, blockchain technology will completely conquer the world.
Banks at present are giving their best in finetuning AI strategies through top app development services. According to common reports, AI is suggested to reduce financial operating costs by 30% by 2030. Thus, this means savings of up to $1 trillion.
Under fintech’s app development comes mobile payments, contactless payments, mobile wallets, smart speaker systems, and many more. We are already witnessing the rise of mobile payments across the world. Today, most millennials prefer paying through their mobile app rather than giving away cash.
Last but not the least, with the right app development services, you too can reap the aforementioned benefits. Besides, smartphones will continue to exist in the near future and the Fintech industry will never stop thriving.
Furthermore, want us to digitize your financial operations and take them to the next level? Don’t hesitate to contact us right away. We are ready to hear your ideas and power them with creativity.
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