An overwhelming revolution in FinTech has sparked a revolution in the financial engagement by bringing in virtual interfaces and automation in almost every monetary process. In addition to transforming the conventional approaches of financial transactions, FinTech solutions have enhanced various aspects of finance like money lending, insurance, payments processing, and many more. Market Screener’s survey reveals that the FinTech market will be worth $26.5 trillion by 2022, at an increasing CAGR (Compound Annual Growth Rate) of 6%. The growth may be attributed to the need for insurance covers/loans and growing investment interests. However, data security has become one of the major concerns worldwide and within this industry too. With discreet vulnerabilities and threats, virtual security is questionable, and the FinTech industry has become one of the common targets for hackers. At the same time, many organizations are facing challenges to keep up with current technologies. As technology plays a central part in FinTech, organizations will operate through various digital channels to generate revenue and value. However, organizations that use outdated applications face difficulties in financial transactions and lack customer satisfaction. According to Gartner’s CIO survey in 2019, over 50% of CIOs from FinTech companies believe that almost every business will operate through virtual channels, and digital initiatives will generate more revenue and value. Apart from the technological barriers, the FinTech industry faces challenges related to regulatory frameworks and their requirements. As some regulators unaware of the upcoming FinTech culture, organizations are not getting regulatory approvals. Therefore, some organizations have been introduced to RegTech or Regulatory Technology, a supporting feature to get information about the compliance requirements to overcome this problem. Despite all the odds, FinTech plays a vital role in the US economy by reflecting a 57 percent share in the global FinTech market. With a safe and secure approach, FinTech solutions have strong potential to increase the government’s economic investments.
This edition of CIO Applications features insights from the industry leaders and innovative solutions from FinTech firms. We hope our edition on “Top 10 FinTech Solution Providers 2021” helps you in making the right choice for a successful tomorrow.
Today, the FinTech industry has brought significant developments into the financial landscape. With the utilization of Artificial Intelligence (AI), biometrics, blockchain, e-commerce resources, and other new-gen technologies, FinTech organizations initiated the trend of digitalonly banking and adopted various innovative solutions for payment processing. Contrary to traditional banking institutions, Digital-only banks offer many benefits to the users like P2P transfers, contactless Debit/Card cards alongside easy local/global payment processing with free transaction fee. It also enables the users to purchase and exchange Ethereum, Bitcoin, and other cryptocurrencies.
In light of that, traditional and digital financial institutions primarily optimize blockchain technologies to reduce centralized monetary procedures. Blockchain, as a distributed ledger technology, sought to enhance internal processes and reduce paperwork and expenses. According to the report by Business Insider Intelligence, 48 percent of banking representatives predict that blockchain will have the biggest effect on banking through 2020 and beyond.
Though FinTech has created a niche for itself socially, organizations face difficulties in receiving compliance approval from the regulators. As regulators lack reliable information about the structure and operations of FinTech markets, they enforce organizations to look for new ways to meet compliance requirements. With an ever-changing landscape of regulations, RegTech or Regulatory Technology solutions strategically help in solving recurrent problems related to regulatory compliance at an affordable cost.
With the upcoming trends in the market, the FinTech industry is growing stronger. To that end, it ultimately strives to provide a secure ecosystem, comprehensive financial data, faster transaction processing, and better assistance for the customers. On that note, CIO Application lists the top most FinTech solutions providers, considering the vendor’s ability to design and build FinTech solutions that cater to the customer needs and productivity.
We present to you our- “Top 10 FinTech Solution Providers - 2021.” SOLUTION PROVIDERS - 2021