What are the future trends in Fintech industry in 2018? One thing which is for sure is that the Fintech industry is always innovating. It always comes up with newer and newer solutions in order to expand its reach. Similarly, in 2018 as well, there are plenty of innovations which are slated to happen in the Fintech industry. We shed some light on some of these innovations.
Currently, the biometrics market is limited in use. It is only used by financial and corporate organizations as well as banks. However, in 2018 it will bring up newer solutions which will be accessible to the common public as well. These will not just be limited to the finance industry but they will also be utilized in the healthcare, retail as well as government organizations. This will ensure that biometrics actually go mainstream.
Apple also recently revealed its plans that there will be facial mapping with the help of the technology in the latest iPhone. This can be easily used to buy the app developers.
Rules engines will no longer be compatible:
According to Moore’s Law, data has been doubling every 2 years. However, with the increasing data, the rules engines will not apply to the fraud detection departments. Instead of detecting the loophole and thereafter filling it, the banks, as well as financial organizations, will have to change the rules before the breach actually occurs. Only then, they will be able to get superior security on their platform.
Online transaction verification will be eliminated:
With most of the e-commerce consumers using their smartphones, there is no need for online transaction verification. Most of the consumers are directly logged into the application. This means that they will be able to directly verify their identity. As a result, the online verification protocols will be eliminated. If at all, some of the e-commerce stores actually use those protocols it will be based on biometrics technology. This will provide an enhanced security when it comes to conducting online transactions.
Thus, when you’re looking into the innovations in 2018 in the Fintech industry, these are some of the innovations which you have to look into. These innovations will surely be done keeping the customer at the focal point. Indeed, the experience will not only be made easier for the consumer but also safer for the consumer. This will benefit the Fintech industry as well as the consumers.