Automated financial technology is skyrocketing, and so is the investment in fintech. Over the years, fintech developments have broken down barriers in the finance sector and significantly reduced the inherent advantages held by large firms. Regardless of the years of experience financial market traders have, they are always vulnerable to human limitations of focus and emotions. This has driven companies to seek automated solutions for their financial decision making bodies, especially managing funds.
As the finance sector continues to move toward complete automation, fintech operations are continually evolving and adapting to replace the traditional banking functions. Big data has proved to be more than useful in every sector, and the same goes for the fintech industry as well. With the help of big data and artificial intelligence, companies can process, store, and drive insights from data, making it possible to hyper-personalize on an unprecedented scale. The banking sector generates vast amounts of data at each step. With experts believing the data generated to grow by 700 percent, the industry presents a goldmine of opportunities for big data and artificial intelligence applications.
Blockchain has already brought disruptive changes to the finance industry. The technology has come a long way since its inception and is now capable of increasing efficiency in the finance sector. Blockchain technology can save companies from incurring significant losses in fraud and identity theft, which costs companies thousands of dollars. Companies can leverage blockchain for smart contracts, digital payments, identity management, and trading shares.
With innovations in technology emerging every day, the fintech industry is rapidly evolving to apply the latest trends. In this edition of Finanacial Tech Review, we have compiled a list of companies at the forefront of fintech development and have shown prosing growth over the years. We hope this will help you traverse the rapidly transforming landscape of the fintech industry.
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