06 Apr 2017

Fin-tech: how tech is influencing the finance industry

Top 4 ways tech is influencing the finance industry

The finance industry and banking seem to be one of the hardest to budge industries with tech so far. Banking involves much customer trust thus change isn’t something that comes easy.

The past few weeks and months have seen a change start to take place as we welcome the phenomena of fin-tech (technology in finance).

With FinTech taking over London for Innovate Finance Global Summit (world’s biggest celebration of achievement in FinTech) we thought it’s time to take a look and see how these changes could impact our own finances.

There are many ways banking and the financial industry have adapted to the tech revolution. Below are some of the top tech banking innovations we have found.


The mobile wallet

According to Mobile Payments Today, “you are now more likely to leave your house without your wallet, cash and credit card than your mobile phone.”

You may have heard this before, mobile phones now contain everything we need to leave the house.

The introduction of mobile banking apps brings a range of new ways to pay. The evolution of contactless payments and wearable payment tech, we now have it all.

Mobile wallets introduce less time using a physical card and traditional payment methods. This could soon mean complete mobile payments, leaving cash and cards in the past.

Whether you’ve experienced mobile payments or not, soon we could all be going cashless.


Peer-to-peer lending

If you can remember a time where money transfers take 3-5 working days or longer, then this is for you.

With the rise in mobile banking, fin-tech enables people to quickly, efficiently and safely transfer money.

Peer-to-peer lending arrives as money can be moved between accounts in a matter of seconds. Quick and safe money- what everybody wants.

From local in bank transfers to across the seas mobile fin-tech has brought about a new way to transfer.

The rise of peer-to-peer lending has seen a downfall for bank loans and financial lending. With to the quick access to cash through peers, cash in now available within seconds.

For millennials a debt free and quick way to cash is essential and fin-tech has made it possible.


Artificial intelligence

If you’re familiar with the fin-tech world then you will have become accustomed to the chat bot. Chat bots are a form of artificial intelligence used to communicate with customers.

The rise in banking chat bots sees a decrease in the number of banks as they head into the digital era, saving time and travel costs.

Chat bots enable customers to gain advice surrounding multiple topics. From the style of account to where to spend and save the banking chat bot has it all.

Customers now need nothing more than a mobile device to have a bank in their back pocket.


Blockchain technology

Blockchain offers the opportunity to overhaul existing banking infrastructure. Customers want to be assured that it can be done securely and blockchain provides just that.

Blockchain combines two of the most dynamic industries – computing hub and money management.

A number of major European banks already see the possibility of creating a blockchain-based financial platform.

Blockchain tech can provide a secure ledger to manage trade transactions for international commerce.


Fin-tech becomes the norm 

Fin-tech is becoming part of everyday life, bringing many opportunities to the way we live. As the rise of mobile banking continues we are set to see many more exciting advances.

Make sure to keep your eyes peeled as we continue to investigate fin-tech in our everyday lives.