The Future of Financial Technology(FinTech) Insights for 2021

FinTech companies and changes in the new business dynamics are forcing them to be flexible to face or look back on these difficult times. Financial institutions around the world are changing the way people manage their finances. This is all attributed to the growth of new digital trends such as cryptocurrency and contactless trading.

The Intellectsoft Webinar “The Future of Financial Technology: industry-defining Insights, Trends and Use Cases in 2021” provides visionary fintech access to unique resources to accelerate the integration of digital finance into your business.

Financial technology was administrative support for bankers and brokers. Venture capitalists have barely invested in the industry. Government-owned businesses are rarely compared to the delicious sweets that grow in Silicon Valley. But that changed everything. In the past decade, private venture capital has skyrocketed and the dollar share in fintech has grown from 5% to nearly 20%. Fintech has found its place in the innovation economy.

With the growth of fintech, it has become increasingly difficult to tell the hype of reality. In recent years, chatbots and artificial intelligence, blockchain and crypto assets, roboad advisor and neobank, and many other symptoms of digitization have become buzzwords in commercial media.

Major international banks are looking to corporate weapons and digital incubators and investing in emerging business solutions, acquisitions, or copiers. Around the world, Eastern technology companies have launched super applications with messaging for hundreds of millions of users and integrated financial services that transcend the potential of Western regulated jurisdictions. US tech companies have also dug deep and found ways to deliver financial products without breaking the third rule. Here we are in 2019 to find a signal in the midst of all the noise.

From product to the customer

Let’s get a few things right. First, finances are much simpler than most people think. There are factories that make products: banks with interest deposits or investment managers that produce investment funds or creditors and insurance companies that underwrite the customer’s risk with capital.

Then there are stores that sell the product: bank branches, financial advisers, insurance salesmen, or credit agents. Between these two extremes are the complex value chains for people, budgets, and software, interconnected by rules and work habits. But at the end of the day, customers visit a store and buy a financial product.

From the customer to the platform

Exclusive digital solutions are a great start, but they are not the destination of our fintech journey. If you have to buy aspirin for a headache, don’t go to the aspirin store. Go to the supermarket or pharmacy, which offers thousands of products. Today’s social and e-commerce platforms provide thousands of features to their customers. Amazon Prime subscribers receive free diapers and toys and a catalog of movies the next day.

WeChat users can text, make purchases, transfer money and invest through the same phone application. In the world of attention platforms, whether powered by Alphabet Inc. (GOOG), Google, Facebook Inc. (FB), YouTube, or others: consumer intent is extremely important. Financial products are the only assets that can be found in this panopticon.

Rebuild the production

Historically, the manufacturing of financial products has been a leading business backed by personal software. Just as the Sistine Chapel was a work of art worthy of human capabilities, nuclear banking systems and wealth management platforms are many architectural and personal solutions. However, portraits had no chance before the camera was invented. The current financial infrastructure also sees a major challenge in financing the local blockchain.

Unlike the old chassis, which is different for every company (or technology provider like Fiserv), the new has an integrated matrix, digital scarcity, billing, and cash flow, negotiation, and acceptance. Cryptocurrencies spend billions of dollars annually to provide data protection and cybersecurity, and thousands of open source developers improve software for all users. While current markets remain volatile in Bitcoin’s financial assets, blockchain networks are moving forward

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