Top 5 FinTech Trends to watch out for in 2021 – Finances

The year 2020 was a wake-up call for digital innovators. Though the year was on halt due to the pandemic, the online platform went booming increasing the need for innovative banking solutions to solve the fast-paced demands of the customer. This became especially true for financial technology or fintech. The fintech industry is booming with new technology and is on the lookout for enhanced solutions. With tons of people opting for an online financial transaction, it’s no surprise that Fintech has grown to the next level. After the growth seen in 2020, 2021 expects a lot of new trends that continue to grow related to customer demand. In this post let us take a look at 5 FinTech trends you can watch out for.

Digital-only banking

Though digital banking has been in use for the past decade, the pandemic spiked the popularity and demand of the online banking system. Research exhibits that more than 50 percent of customers used digital banking. 87 percent of people using digital banking plan to continue using online banking even after the pandemic. This shows that online banking has become a necessity. Along with online banking, mobile banking has also become the match-winner. Fintech is developing robust mobile banking and online banking system.

Biometric security systems

The mobile banking system and various digital finance solutions that have gained popularity are now at the fingertips of people. But with the spread of digital solutions, security-related issues arise. FinTech companies strive to find a solution that can be used to enhance security. Biometric security systems are one of the best ways to take security to the next level. Likewise, the market of a biometric system is expanding and is undergoing major changes. The biometric systems that need physical contact are said to drop while contactless biometric systems will rein the market.

Open banking

Open banking is another popular technology that brings together banks and financial technology and allows data networking. It allows the banks to make use of their data in a standardized and secure manner. The open banking system also helps to control the banking and clients’ financial data using a third-party app with AI and ML. The open banking systems are speculated to have a booming future. According to the reports, open banking is going to reach $43.15 billion by 2026. The systems offer a consolidated view of the customer financial accounts and help in better financial decisions.

RegTech

The regulatory technology or RegTech is expected to bring significant technological advancements. It is going to regulate the financial industry and transform the financial landscape. RegTech performs various functions such as monitoring, risk management, and compliance software. It helps banks and various other financial institutions to cut administrative overhead and provide stability for customers. The RegTech is exceptionally known for its speed, agility and analytical features.

Payment innovations

The payments innovation of FinTech includes various elements such as mobile payment, mobile wallets, AI and ML security, identity verification and more. The mobile banking payment is said to see huge growth in 2021 with more than 760 million users across the globe. Mobile wallets have become favourite for people as it promotes contactless payment. The apps also offer rewards, offers for the users making it most loved.

Bottom line

Get your FinTech solutions now and make your business advanced. We at Finacus offer a robust solution as the best financial service provider in the country.

Online Payment Solution: Leading to a Cashless World!

The main goal of the economy in today’s world is a cashless world. People tend to use cards and phones to make payments and transactions instead of cash. A few years back, using the card was what people aimed for and that is what the banks promoted. But using card required machines at commercial points. In case there are no machines people have to use cash. This is no longer the case with the advent of an online banking system. Online banking system allows the customer to perform various banking activities on the go or from the comfort of the home. To use an online banking system, all one needs is a smartphone and a bank account, which now can be opened online. Online banking eliminates the need for cash.

Advantages of online banking

There are various online banking methods and each has its benefit. However, the advantages of online banking on whole cannot be neglected.

PCI compliance

The online banking solution ensures safety for any financial transaction that you perform. The word PCI abbreviates as Payment Card industry. It has listed a few goals that have to be followed by all the banks that issue and deal with a credit card. The main goals include maintaining a secure network, protecting the data of cardholders and regularly monitoring every transaction.

SSL 128-bit data encryption

Most of the online management software adheres to the SSL 128-bit data encryption policy to shield the information that passes through the online banking system. The data encryption allows the online banking system in India to process all types of credit and debit cards, and gateway payments in a secured manner to prevent any fraudulent activity.

Optimized customer journey

The online banking solution allows the customer to make a purchase anywhere around the globe and any time of the day. Instant confirmation and convenience of instantaneous payment improve customer retention and gratification.

Reduced processing cost

To provide card transactions for the customer, one has to tie up with a card processor. The processor will offer a payment gateway to process the transaction and incur a charge for processing. Instead of this, if you use online payment software, the charges of the processor can be reduced.

Various method of payment acceptance

When you depend on the traditional brick and mortar stores, the payments are done usually through cash or card. But in an online setup, you have an endless possibility of payment. The banks have adopted this notion and offer various modes through which the customer can make a payment. Some of the most common online payment methods include e-wallets, mobile banking, and more.

Handle money with any tension

Every kind of business from event Management companies to local stores can find an online payment solution that is user-friendly and safe. With an online management system, money collected can easily be segregated and organized according to preference. Less human interference equals improved efficiency.

Altogether, internet banking services in addition to paving the way for a cashless world improves the efficiency of banks and standardizes operation.

FinCore

FinCore, a completely web-based solution for Core banking to improve the banking sector at a reduced price. The FinCore solution is a multi-pronged system that addresses various aspects of banking operations and financial management. Some noteworthy features include:

• Ease of access

• User-friendly interface

• Save time and cost of processing

• Better management of risk

• Customer retaining features

Bottom line

With online banking increasing at a stellar pace, get your online solution from Finacus. Experience the demo and take a step ahead for a cashless world.