Today, an increasing number of financial institutions are engaging with FinTech firms either as investors or through strategic partnerships. According to McKinsey Panorama, almost 80 percent of financial companies today have come to partnership agreements with FinTech companies.
Leveraging this partnership, FinTech enterprises are incorporating emerging technologies such as artificial intelligence and machine learning to evolve and make better use of the vast amounts of financial data generated within organizations. The utilization of blockchain technology is enabling FinTechs to eliminate unconditional bureaucracies and provide cost-effective, seamless, and effective banking services. Several FinTechs are also making financial health a priority to expand their ROI based solution suite into a portfolio that comprises holistic offerings for the establishment of trusting, long-lasting, and multi pronged relationships with their customers.
Moving ahead, the financial sector is predicted to leverage robotic process automation to maintain records and transactions, make calculations, and perform other mundane tasks that include queries. Subsequently, FinTech firms are also seeking out avenues to offer solutions that can protect vulnerable consumers such as senior citizens and young teens from financial fraud. In this edition of finanacial tech review, we are featuring a list of key players in the FinTech space, along with insightful articles from thought leaders in the industry. We believe this edition will help you in evaluating and formalizing effective financial management for your organization. Let us know your thoughts.