Nowadays, we live in the world of continuous innovations. The financial sector is not an exclusion! Today, we explore Fintech trends in 2017.
AtoZForex – Did you ever hear about the term Fintech? I bet you did, a lot of times. This term has entered the financial sector a couple of years and has reserved a long term place here. The term itself is a short version of the financial technology. All of us know that nowadays, technology has emerged as a vital factor in all of the sectors, with financial not being an exclusion.
Top 5 Fintech trends in 2017
In the financial sector, fintech is referring to the technology that is changing the way people do things. Some decades ago, nobody would even think of paying bills or issuing invoices online. However, now it is a reality, where every modern market player is up to the innovations.
Moreover, technology in finance is crucial for Forex market operations. Currently, while buyers’ behavior changes rapidly, adjusting to new tech trends, financial firms need to keep up with new tools and features in the industry. Thus, the most developed financial firm would definitely have a competitive advantage in the market.
Today, we will focus on the hottest Fintech trends in 2017. Let’s dig in.
Automation will be the biggest fintech trend this year, according to some of the industry experts. The progress made in automation not only includes the speed of execution, trade management programs, and scanning software. Also, it covers the areas, where businesses interact with a client. If we consider automation developing on high speed this year, then firms can expect significant cuts on resources and personnel costs.
#2 Sophisticated investment tools
Other experts see the rapid development of investment opportunities as the biggest fintech trend of 2017. Having said that, more and more sophisticated investment tools are available for investors’ community these days.
In the previous years, only professional investors could utilize a custom software.
Such approach gave them an opportunity to execute some specific orders. However, currently, we are seeing that even everyday investors have an access to these tools. Also, the interest for the new and sophisticated tools is on the rise currently.
# 3 Robo Advising
Moving on to the third one of top 5 Fintech trends in 2017, it is necessary to outline the following: the financial sector is developing fast, making the traditional personal advisors to serve fewer of ‘economy class’ clients. Here, robo-advisors come in the picture, as they provide an investment advice to each and every, who is in need.
Robo-advising, or in other words, artificial intelligence advising is developing with an extremely high speed.
Already, robo-advisers are serving a lot of investors, who are seeking for small-size trades. Additionally, people nowadays also feel more confident, investing their money with the help of artificially intelligent machines. The additional fact that cannot be denied – is the simplicity and convenience of robo-advisors usage, both for the client and the firm.
#4 Big data
In the period of the current year, many advisers and experts are anticipating a shift towards analytics platforms that are developing the datasets. Specifically, these platforms are working on improving the actionable insights of the data sets.
In the past, the data in financial markets has been closely linked to the proprietary platforms. Now, this trend is allowing investors to have more information and perform better investments. Financial sector experts believe that big data trend is witnessing a democratization of data. Moreover, the information is now available to a vast public of financial market players.
The last, but not the least is just undeniable. The rise of blockchain popularity has entered the financial markets some years ago. However, past year, one of the cryptocurrencies, Bitcoin, has been on every trader’s mind. The digital currency is developing at a highly rapid pace, where Bitcoin is already facing significant competition.
Financial market experts see the blockchain as an easy way to execute the cross-border payment schemes. Moreover, they state that the blockchain technology will eventually help the complexity of an international banking.
Do you know any other Fintech trends in 2017? Think we missed something? Let us know in the comments section below.