Businesses worldwide have changed a lot in the past couple of years. The usage of many new pieces of technology, combined with the fact that there are tons and tons of groundbreaking sectors has definitely been a source of interest from many different analysts, entrepreneurs and blogs/newspapers. What definitely has been the biggest sector in terms of technological growth within business overall was definitely fintech as a whole. Let’s analyse what companies should do, following the fintech sector’s example.
The Usage Of Data
If there’s one pillar which companies should follow within the fintech segment, that must definitely be the usage of data. Within fintech, in fact, there are tons and tons of procedural tasks which heavily rely on data. Santander, just to list one big name, has recently opened a data-oriented division which just relies on the sole usage of blockchain-related features. This has been seen, in the financial sector specifically, as the foundation for the future of programmatic features like mortgage applications, risk management for loans and much more.
In 2019, mobile traffic overall surpassed desktop by a net 12% and fintech businesses immediately acknowledged such change. A team of app developers in the UK, in fact, stated how 60% of their projects are fintech-related, confirming once again how this sector is acknowledging mobile platforms for their development plans. Fintech on mobile may seem like a complicated concept to understand, but the term simply refers to all the companies which are using tech/data related features for financial-oriented tasks.
Mobile is still the biggest venture for fintech and will definitely grow even further throughout the whole year.
Some financial processes may be very bulky and slow, especially when it comes to loans and other forms of lending finance. Fintech as a sector always had the priority of speeding up those sectors: let’s take the sole usage of data as an example, which, by cross-checking different forms of credit, was able to halve the confirmation times which were required to assess if someone was eligible for a loan or any form of finance.
Automation within the fintech segment has, therefore, been very much valued, since speeding up certain tasks would be extremely tangible with the implementation of automated features (mainly coded in Python or other forms of machine-learning languages).
A company which focuses on app development in London has stated how important having fully backupable data is in 2020 and also added how the vast majority of their data-oriented and architecture-focused projects are coming from a fintech background. Being able to instantly recall what all the clients are doing, with the intent of optimising specific task’s workflow, is something which fintech highly values and what every business should look into having, especially given how strict data protection rules are becoming.
Fintech is one of the biggest business segment and is definitely going to become even bigger in 2020. Keep an eye on this sector if you’re looking to grow even more in the near future.