What is FinTech? FinTech is a combination of two words ‘Finance’ and ‘Technology’. It refers to the use of technology to improve or automate financial services and processes. Some popular examples of financial technology are mobile banking, crypto currency and blockchain technology. FinTech has grown exponentially in the last decade and it has become an integral part of most financial institutions’ operation. It must be kept in mind that technology has always been part of the financial sector. Therefore FinTech is not a new industry but it has evolved significantly in recent years. In this article we will tell you about the latest trends of the FinTech sector and help you develop a better understanding of the subject. 

If you are part of the financial sector and want to learn more about FinTech then attend upcoming financial events like the Money 2.0 Conference (Money2Conf). You will meet industry experts in these events. They will talk about and review the latest advances happening in the sector. Your understanding of the field will enhance significantly by attending such events. 

Now let us take a look at the latest trends in the FinTech sector. 

1. Artificial Intelligence (AI)

Nowadays the aim of every sector is to achieve maximum automation. So far in the financial sector automation has mostly happened in customer service. Now the financial industry has started automation of other fields like analytics, investment, loan processing, logistics, etc. Automation has been possible because of the emergence of artificial intelligence. 

2. Chatbots

Banks are using chatbots to improve customer experience. One of the biggest advantages of chatbots is that they work 24 hours a day. They are able to deal with customers in real time and provide higher consumer satisfaction. Now chatbots are being developed to understand conventional languages and slang. 

3. SaaS Cloud Services

Software-as-a-service cloud services are already used by banks and other financial institutions for data storage, customer relationship management and many more functions. Financial institutions are now moving towards using cloud computing in billings, payments, loan managements, cross border data exchanges, etc. You will see the financial sector using cloud services more and more in the future. 

4. Security

Financial institutions are facing a large number of security threats and many of these are in cyberspace. With the enhancement of technology the risk of cyber crime also increases. Therefore you will see a lot of investment in cyber security by banks and other financial institutions. 

5. Open Banking

This is one of the hot topics in the world of banking. Open banking is the process employed by banks and financial institutions for opening up data for regulated providers. This data can only be accessed, used and shared by the regulated providers. The data of customers will only be shared when the customer agrees. The objective of open banking is to improve financial services for the customers. 

If you wish to learn more about FinTech and the latest trends in the sector visit global finance events and conferences. You will be able to meet people from various countries sharing similar interests.