For financial sector, the year 2017 was remarkable in terms of going digital and adapting to new financial technology. With an unprecedented amount of funding in FinTech, 2018 can prove to be another successful year for two of the major industries involved– digital finance and FinTech.
Some of the major trends in digital finance and financial technology that will shape the future of digital India are listed below:
More Cryptocurrencies and more ICOs
As Bitcoin has enjoyed the monopoly in cryptocurrency market for a long time, it is difficult to imagine more cryptocurrencies being able to penetrate the market. But with the recent trends, more cryptocurrencies are expected to enter the market with ICOs being launched frequently. It is a huge step in financial technology which, when regulated, can provide consumers and finance experts a variety of cryptocurrencies to choose from.
The technology that highlights Bitcoin is currently enjoying spotlight in the digital space. Now is the time when the financial sector has to leverage everything blockchain technology has to offer. Blockchain-based securities trading is expected to reduce costs and increase the speed of trading and settlement process, making it convenient for users. Moreover, the security for fintech products is very high in a blockchain due to its decentralized model. Since no individual has the key to all the
data being recorded on the blockchain, it is not possible to remove the data once recorded in the blockchain.
With machine learning and AI, it is easy to automate the processes that have been conducted traditionally in the financial space. This will allow financial institutions to offer personalization based on the consumer usage of the service. It is a facility that digital marketing companies can leverage in terms of the services they offer to institutions in the banking sector. Easing data entry by users based on their interaction history with the gadget is one of the digital marketing strategies that can meet the goals of fintech services.
P2P lending platforms are very common these days since they promote direct transactions between the lender and the borrower without the intervention of financial institutions. With several P2P platforms being created, the online services are able to match borrowers and lenders more effectively with their algorithms. These platforms are expected to become a major highlight in the upcoming year, globally, due to their lucrative high-end technical specifications.
How Gridle Contributes to FinTech?
Gridle has a team of the best IT and digital marketing professionals that are updated with the latest trends in financial technology. With constant effort to better our FinTech Services, we ensure that our clients are able to stay updated with the advances in the financial space. Our comprehensive solutions also include latest digital marketing services that are customized for your business needs.