Become an Insider. Stay up-to-date with Anchora insights and industry buzz.

Latest Trends in Fintech

APRIL 26, 2021

ANA Smith, Bosnia

There has been a lot going on in the fintech industry, and the latest developments are only a peek into what’s in store. From artificial intelligence to blockchain and beyond, a host of new technologies are poised to reshape the financial landscape for consumers and businesses. Through our partnerships with industry-leading fintech companies around the world, we have been observing the rise of emerging trends that have the potential to revolutionize the way financial services are delivered. Following is a concise summary of some of the latest developments that are destined to shape the future of finance.

Machines that Humanize Bots
One trend that has gained momentum in the fintech world and will continue to do so is the use of artificial intelligence (AI)  and machine learning (ML). Reinventing the way financial services are delivered, these breakthrough technologies increase efficiency and accuracy, while displaying an unbelievably personal experience. AI powered systems are executed in many capacities among financial industries, particularly popular in their use as chatbots and fraud detection systems for banks and financial institutions. ML is often set in place as a brilliant tool to analyze market data, make trades, and direct investment decisions.

Ringing in Digital Currency
Another trend that is likely to gain even more traction in the coming years is the use of blockchain, a decentralized, digital ledger that can be used to record and verify transactions securely. Blockchain fulfills a strong need of providing increased transparency, a strong quality where digital currency is concerned. Its efficient speed and low cost are also advantageous factors. The use of blockchain has been making an impressive impact in many spaces, including crowdfunding, insurance and cryptocurrency, and is expected to empower remarkable change in the near future.

A Developer’s World
Open banking opens a world of possibilities in the fintech space. With the increasing popularity of Application Programming Interface (API), banks and financial institutions share their data, handing developers the tools they need in order to break into the industry with relevance to consumers. Personal finance management, investment platforms, and cryptocurrency exchanges are only some of the services and applications that are being created with the reality of open banking.

Smarter Identification
The application of biometrics is gaining momentum in the fintech industry. With features such as fingerprints or facial recognition, it uses unique physical and behavioral characteristics to authenticate users. This has become increasingly popular with secure applications like banks and financial institutions, some of them operating entirely on mobile platforms. Biometrics offers convenience and cutting edge technology, replacing traditional forms of authentication where passwords and PIN numbers were once the standard.

While the fintech industry has always been evolving, it has recently taken on momentum of lightning speed. From the use of AI and ML , to blockchain, open banking APIs and Neobanks, the future of fintech looks promising and exciting. A common denominator in the opportunities listed above is an increase in accuracy, efficiency, and personalization for the end-user.

Staying well informed about the latest trends in the fintech industry and beyond not only involves keeping up with the latest happenings. At Anchora, we believe that relevance requires a deeper understanding of the evolution of change, backed up by data collection through a variety of mediums such as market research, industry analysis, and competitive intelligence.

Partnering with fintech companies around the world during this exciting, innovative era is an opportunity we take great pride in. Together, we embark on a mission to bring a shared sense of connection through the power of technology.