SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!
Need Help? Email [email protected]
  • LOGIN

E-SPIN Group

CONTACT US / GET A QUOTE
  • No products in cart.
  • HOME
  • PROFILE
    • Corporate Profile
    • About us
    • Customer Overview
    • Investor Relations
    • Procurement
  • GLOBAL THEMES
    • Artificial Intelligence (AI)
    • Big Data
    • Blockchain
    • Cloud Computing
    • Cognitive Computing
    • Cyber Security
    • DevSecOps
    • Digital Transformation (DT)
    • Modern Workplace
    • Internet of Things (IoT)
    • Quantum Computing
    • More theme and feature topics
  • SOLUTIONS
    • Application Security
    • DevSecOps
    • Digital Forensics
    • IT Operations Management (ITOM)
    • Malware Analysis and Reverse Engineering
    • Network Management System (NMS)
    • Network Operation (NetOps)
    • Network Performance Monitoring and Diagnostics (NPMD)
    • Penetration Testing
    • Secure Development
    • Security Information & Event Management (SIEM)
  • INDUSTRIES
    • Aerospace & Defense
    • Automotive
    • Banking & Financial Markets
    • Chemical & Petroleum
    • Commercial and Professional Services
    • Construction & Real Estate
    • Consumer Products
    • Education
    • Electronics
    • Energy & Utilities
    • Food & Beverage
    • Information Technology
    • Insurance
    • Healthcare
    • Goverment
    • Telecommunications
    • Transportation
    • Travel
    • Manufacturing
    • Media & Entertainment
    • Mining & Natural Resources
    • Life Sciences
    • Retail
  • PRODUCTS
    • Brand Overview
      • Acunetix
      • E-Lock
      • Hex-Rays
      • Immunity
      • Progress | Ipswitch
      • Metageek
      • Qualys
      • Parasoft
      • Tenable
      • Titania
      • Veracode
    • Rest of Brands
      • Adobe
      • BeyondTrust
      • Core Security
      • DefenseCode
      • HCL
      • ImmuniWeb
      • LiveAction
      • McAfee
      • Micro Focus
      • Microsoft
        • Microsoft Surface
      • Netsparker
      • Nutanix
      • Paessler
      • PECB
      • Portswigger
      • Red Hat
      • Riverbed
      • RSA
      • Solarwinds
      • TamoSoft
      • Trend Micro
      • TSFactory
      • Trustwave
      • VMware
      • VanDyke
      • Visiwave
    • Services Overview
    • Line Card
  • e-STORE
    • e-STORE
    • eSTORE Guide
    • SUPPORT
  • CAREERS
    • Careers
    • Culture, Values and CSR
    • How We Hire
    • Job Openings
  • BLOG / NEWS
    • Blogs and News
    • Resources Library
    • Calendar of Events
  • CONTACT
  • Home
  • Industries
  • Banking and Financial Markets
  • FinTech Trends Become Major Game Changers in 2018
Fin Tech Trends Become Major Game Changers in 2018
0
E-SPIN
Wednesday, 20 December 2017 / Published in Banking and Financial Markets, Global Themes and Feature Topics

FinTech Trends Become Major Game Changers in 2018

1.Next-gen chatbots – 2017 saw several major banks, adopting chatbots for supporting customer interactions. Currently, these chatbots are said to possess the intelligence of a 2-3-year old. However, as machines do not suffer from physical or learning fatigue, the evolution of a chatbot could be best described as more exponential than linear. So, in 2018, we could expect more chatbots to be deployed with improved quality of interactions, speed of responses, and accuracy in decision-making.

2. Machine Learning – Banks in 2018 will start adopting new regression models powered by machine learning to deliver better offerings. The brightest data scientists will be involved in this delivery and they will be aided by insights into customer behaviour, expectations and responses. These insights will be gained by adopting big data tools and will enable banks to predict customer needs and meet them in a customised manner.

3. Blockchain – As NITI Aayog is creating ‘IndiaChain’, India’s largest blockchain network, to reduce fraud, speed up contract enforcement, and increase transparency, it’s clear that blockchain is no more the elephant in the room that no one is willing to address. Several major players have already begun pilot projects to measure the feasibility of adopting blockchain into their ecosystems. As blockchain is virtually unhackable due to time stamps that mark a data entry in a distributed ledger, banks will explore options to leverage the power of blockchain to transform backend operations.

4. Smart workflows – With the help of embedded AI aiding the backend operations of banks, they will be able to quickly identify bottlenecks in their operation workflows and bring in significant improvements in process efficiencies.

5. Automated personalisation – Banks will leverage the power of fintech to personalise the offerings that users see on all their devices. Banks will change the appearance of apps based on actual usage. This will make users feel more connected with banks and it will also set the stage for efficient self-service. There will also be advancements in providing pre-filled data to users based on their previous interaction history, preferences and banking habits.

6. Open banking – With initiatives such as Unified Payments Interface (UPI) and Aadhaar Enabled Payment System (AEPS), banking will become more ‘open’ in 2018. With more APIs exposed by banks, the process of carrying out payments and other banking transactions would be greatly quickened as well as simplified.

7. Physical and digital merger – Fintech has made it possible for banks to reach customers who are data rich but credit poor. In a country like India, where so many people still don’t have access to banking facilities, fintech works better by offering a ‘phygital’ (a combination of physical and digital) experience. The objective here is effective self-service that enables customers to walk into a branch and make use of basic automated services. Canara Bank has successfully implemented such a system with CANDI, and more banks will follow suit in 2018 to remove the boundaries between physical and digital banking.

8. Extended digital coverage – Until now, most digital banking solutions have been primarily targeted at retail customers. In 2018, banks will extend digital coverage to other areas such as corporate banking and SME banking and also transform their internal operations to derive the best out of digital transformation initiatives.

9. Agile architecture – Digital solutions are here to stay and as timelines shrink, budgets tighten, and lifecycles shorten, banks will follow new architecture paradigms such as micro apps, micro services and more. These will enable banks to introduce changes significantly faster with minimal impact on existing deployments and services.

10. Security – Data is the new oil and with so much data being generated every second, hackers are constantly devising ways to acquire it. As most cyber security measures up till now have been reactive rather than preventive in nature, banks will now begin to adopt additional measures to ensure data security at all stages using a combination of encryption, OTPs, biometric authentication and more.

Feel free to contact E-SPIN for Fin Tech infrastructure availability and performance monitoring, application security and protection solution.

Related article:

  1. The Advantages of FinTech for Your Finances
  2. How Big Data are Innovating With Fintech
  3. The World Top 10 FinTech Companies
  4. How FinTech is Changing Business
Tagged under: Financial technology, FinTech

What you can read next

Pros and cons of blockchain technology
Pros and cons of blockchain technology
Trends make DevSecOps in the mainstream adoption
Cybersecurity Automation and Integration
Cybersecurity Automation and Integration

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • IoC related to threat and vulnerability management

    More and more enterprise customers are now payi...
  • Operations in the next normal

    Operations in the next normal, it is time to re...
  • Top 4 Digital Technologies trends in Retail Industry

    Advantages of Composite AI Approach in Industries

    What are the advantages of Composite AI approac...
  • Composite AI Approach is a Key to Good Business

    Composite AI approach is a key to good business...
  • E-SPIN Seasonal Greeting Happy Ramadan 2021

    E-SPIN Group would like to take this season gre...

Recent Comments

  • Dorai M on 5 Common ML Challenges Data Scientists Face

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • March 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • January 2015
  • December 2014
  • October 2014
  • September 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • February 2012
  • July 2011
  • June 2011
  • February 2009
  • July 2008

Categories

  • Acunetix
  • Adobe
  • Aerospace and Defence
  • AppSec Labs
  • Automotive
  • Banking and Financial Markets
  • BeyondTrust
  • Brand
  • Chemical and petroleum
  • Codified Security
  • Commercial and Professional Services
  • Construction and Real Estate
  • Consumer products
  • Contact Us
  • Core Impact
  • Core Security
  • DefenseCode
  • E-Lock
  • Education
  • Electronics
  • Energy and utilities
  • FAQ
  • Food and Beverage (F&B)
  • GFI
  • Global Themes and Feature Topics
  • Government
  • HCL
  • Healthcare
  • Hex-Rays
  • IBM
  • Immunity
  • ImmuniWeb
  • Industries
  • Information Technology
  • Insurance
  • Ipswitch
  • Job
  • Life Science
  • LiveAction
  • Logpoint
  • Manufacturing
  • McAfee
  • Media and Entertainment
  • Metageek
  • Micro Focus
  • Microsoft
  • Mining and Natural Resources
  • Nessus
  • Netsparker
  • News
  • Nutanix
  • Paessler
  • Parasoft
  • PECB
  • PortSwigger
  • Pradeo
  • Product
  • Qualys
  • Rapid7
  • RedHat
  • Retail
  • Retina
  • Riverbed
  • RSA
  • Security Innovation
  • Security Roots
  • Services
  • SILICA
  • Smart City
  • Soft Activity
  • SolarWinds
  • Solution
  • Symantec
  • TamoSoft
  • Telecommunications
  • Tenable
  • Titania
  • Transportation
  • Travel
  • Trend Micro
  • Trustwave
  • TSFactory
  • Uncategorized
  • Vandyke
  • Veracode
  • Videos
  • VisiWave
  • VMware
  • Webinar Archive

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

CORPORATE

  • Profile
  • About us
  • Careers
  • Investor Relations
  • Procurement

SOLUTIONS & PRODUCTS

  • Industries
  • Solutions
  • Products
  • Brand Overview
  • Services

STORE & SUPPORT

  • Shop
  • Cart
  • Checkout
  • My Account
  • Support

PRODUCTS & SERVICES

  • Industries
  • Solutions
  • Products
  • Brand Overview
  • Services

FOLLOW US

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn
  • YouTube
  • WordPress Blog
© 2005 - 2021 E-SPIN Group of Companies | All rights reserved.
  • Contact
  • Privacy
  • Terms of use
TOP