The technology-driven character of the financial industry is imperative through the rapidly growing popularity of Fintech apps. Fintech companies are leveraging cutting-edge technologies like blockchain, artificial intelligence (AI), and machine learning
to develop new products and services that offer faster, more convenient, and more secure financial transactions.
From mobile payment apps to robo-advisors and online lending platforms, Fintech is disrupting traditional banking and financial services. The popularity and increasing traction of Fintech solutions will continue as consumers demand more personalized and frictionless
Here we will briefly explain some of the advanced and future-ready features of Fintech apps for 2023 and years beyond.
Virtual Banking Assistant
A virtual banking assistant can deliver personalized banking services to customers using artificial intelligence (AI) and natural language processing (NLP) techniques. Without human intervention, these virtual assistants can help customers with various banking
tasks, including account inquiries, bill payments, and fraud alerts.
The biggest value proposition of any virtual assistant is the ability to provide 24/7 customer support to allow customers to access banking services anytime and anywhere. Thanks to this, the manual workload on customer support representatives is significantly
Virtual banking assistants can also offer personalized financial advice and insights based on a customer's spending habits and financial goals. Because of these smart assistants, customers can now make data-driven financial decisions resulting in better financial
outcomes and ease of doing financial activities.
Conversational AI for Customer Support
Conversational AI has revolutionized the customer support industry by using natural and everyday language to answer customer queries in a personalized, intuitive, and context-driven manner. Conversational AI solutions can not just contextually address customer
queries and problems but bring more efficiency without manual intervention.
One of the key advantages of conversational AI for customer support is its ability to provide 24/7 customer service. This allows customers to get help anytime, without waiting for business hours.
Conversational AI can also provide personalized recommendations and solutions to customers based on their previous interactions with the company. Because of customer-specific and context-aware communication, there is increased customer satisfaction, traction,
and business conversion. When customers find their specific requirements are taken care of per their contexts, they will likely be more loyal to the organization.
Predictive Intelligence for Fraud Detection and Security
Predictive intelligence is key to data security and fraud detection for financial services and applications. By advanced analytics and machine learning algorithms to detect and prevent fraudulent activities in real time, predictive intelligence systems can
provide full-proof security safeguards to Fintech solutions.
It can identify potential security threats and fraudulent activities by analyzing large volumes of data, including user behavior patterns, transaction histories, and other contextual data.
Predictive intelligence can identify fraud patterns and anomalies that traditional security methods may miss. Intelligent inputs concerning irregular user behavior and use patterns play a highly effective role in preventing frauds well in advance and thus lower
the vulnerabilities and risks leading to financial loss.
Predictive intelligence can also improve fraud detection accuracy by reducing false positives and negatives and providing real-time alerts to security teams when potential threats are detected.
Blockchain technology is a major trendsetter in the fintech industry. Blockchain is a unique decentralized database technology that, by handling financial data through a multitude of nodes, can make the instances of data breaches, data tampering, and data theft
almost nil. In an industry where data security and transparency are mission-critical requirements, Blockchain technology perfectly fits in.
One of the forefront areas of blockchain application in Fintech is the digital currency like Bitcoin and Ethereum. These digital currencies use blockchain technology to record and verify transactions, offering a more secure and efficient way to transfer funds.
Smart contracts are another facet of blockchain-based way of facilitating financial agreements through automated contracts executed through code.
Voice-enabled banking has become a popular trend in the fintech industry by allowing people to transact with the least effort. Voice assistants of Fintech apps allow individuals to interact with their bank accounts and financial services using voice commands.
The rapid growth and popularity of smart voice assistants and speakers ultimately led to the emergence of voice-enabled banking as a major trend ensuring customer convenience and accessibility.
Convenience is key to the popularity and increasing traction of voice-enabled banking assistants. With a simple voice command, individuals can check their account balances, transfer funds, pay bills, and perform other financial transactions without needing
to log in to a website or app. Voice-enabled banking can also improve accessibility for individuals with disabilities or limited mobility and those who prefer not to use a keyboard or touch screen.
However, security remains a concern with voice-enabled banking. To address the security concerns with voice-enabled banking, reputed banks and financial organizations must embrace many additional security measures and protocols.
Smart Financial Advisor
A smart financial advisor powered by artificial intelligence (AI) and machine learning algorithms can make highly personalized product recommendations and financial advice. Smart financial advisors can analyze financial data, such as income, expenses, investments,
and savings goals, to provide tailored advice and recommendations.
Smart financial advisors can provide 24/7 personalized advice to individuals. This can help individuals make more informed financial decisions and reach their financial goals more quickly. As a Web3 development company, to make your presence into Fintech, you
can always start with a financial planning website that will gradually evolve into a smart advisor solution for investors.
Smart financial advisors can also provide more accurate and reliable advice than traditional financial advisors, who may be influenced by biases or incomplete information. Unlike traditional recommendation engines, these smart AI-powered financial advisors
can dig relevant insights, user preferences, and trends from humongous amounts of data.
Summing It Up
As the fintech industry continues to evolve, we expect to see new and innovative app features that offer users even more convenience, security, and personalized experiences. In 2023, we can expect to see fintech apps that use advanced technologies like AI,
machine learning, and blockchain to offer new features and functionalities.