Top 5 Fintech Trends to Watch in 2019

If you are having thought that FinTech means making use of computers in banks, I have a surprise for you. All time when you are shopping online, doing financial transactions on your computer, or doing cart payment to the cashier, you are just using the benefits of FinTech. Mainly, the combination of technology with financial services is a depiction of FinTech. Financial companies have two options for using FinTech solutions to carry on with the competition. They can either pick to partner with FinTech companies or create their own best solutions with reputed companies like the Cosmonaut. Let’s have a look at the FinTech major trends in the year 2019. So that you can have an idea why you should go with the digital financial solutions.

The Acceleration of Paperless Work

One of the best things you get with FinTech is the paperless solution. A consumer is able to get her financial service paperlessly, presence-lessly, from her smartphone, without needing to meet a bank salesperson or submitting a sheet of paper. No need of document submission for new account openings is possible through eKYC because of the Aadhaar verdict. New methods of eKYC have also developed, and we are going to see some of them in action soon.

Customer Traction Will Persist To Grow

With the end of the year 2019, a big population of people will continue to go to the internet to resolve their money management troubles. For millennial had a birth in the age of the technology and internet, their Internet-connected mobile phones will be access to the fiscal services industry. Not only that, the population of people using the internet in India will keep on to grow at a quick pace. Fintech will keep up to churn out handy solutions for the internet-connected people.

The Voice Technology

Fortunately for the fans of Siri, Google Assistant, and Alexa, today’s modern banks attempt to implement AI-driven voice technologies to perk up the user experience of call centers as well as make safe banking transactions. In the year 2019, the voice recognition system in banking will turn into a dependable authentication technique for your intended bank account. Apart from that, voice technologies will help you make mortgage payments, transfer money and review your recurring balances.

Biometric Identification Got Versatile

After preferring mobile technology, security became the first priority for finance-related services. Banks begin to refer to biometrics for assuring complete data protection. Companies put efforts to find technologies reducing the friction as well as make customer’s life easier. It could be a good combination of the face identification, voice, fingerprints. The biometrics force out conventional means of safety and security. For instance, users of newer iPhone model can ditch the password for face scanning or fingerprints. It seems like biometric identification is being mainstreamed in the financial field. Even though, near 80 percent of respondents of the financial field already recognize biometrics as a mainstream.

The Blockchain

The technology of Blockchain is on high popularity in the industry of. Because of security reasons, financial companies are switching to blockchain technology solutions in their working operations. This converts blockchain a significant tool in developing trust between business and consumers. In the year 2019 blockchain technology will be in huge demand amongst the financial industry. As per the survey approximately the three-quarters of financial services companies plan on preferring the blockchain technology by the year 2020. Such fame of blockchain will benefit specialists that have good knowledge in this stream.

The Bottom Line

FinTech has given a revolution to the traditional financial services region and it looks like technology will carry on disrupting the industry in the year 2019 and so on. We have observed how the general model of finance has transformed. Fintech has completely opened the gate for institutions of the modern generation. Specifically startups and digital banks that approach their costumer through unusual tools. Cosmonaut can help these startups and digital banks with their high tech assistance.