Digital Fintech Trends in 2022; Digital-only Banks will Provide Pragmatic Approach

  1. AI and ML for Prediction: Financial fraud detection and asset management are the main use cases of ML in fintech. The analytical capabilities allow fraud detection in the financial and banking industry.
    From a customer support perspective, AI helps in credit risk management and financial performance analysis. Data in financial firms become more prominent in tracking risks in digital transactions.
  2. Digital-only Banks for Real-time Access: Digital-only provides banking and financial facilities through digital platforms such as mobile, tablets, iPad, etc. These virtual banks usually utilize cloud-based infrastructure for their core services along with support and operational activities.
    Cloud technologies are still not used for core services in fintech but biggies are now adopting cloud for billing, credit, regular banking, customer payments, etc. Frontline digital platforms need cloud technology that eliminates these barriers and can be more responsive to a rapidly changing market by simplifying onboarding and deployments.
  3. Data Aggregation for Connected Financial Services: Data aggregation has surpassed screen scraping in fintech which uses an API that brings aggregated financial and investment data to provide data connectivity and make it tokenized or credential-free, to increase user experience and customer satisfaction.
    With fintech application development rising, APIs have emerged as a significant part of financial data sharing. These APIs also enable fintech service providers to provide additional services.

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