Fintech is a great combinational technology combining the benefits of finance and technology and is omnipresent in nearly all fields and daily applications.
From literally every activity like banking online, paying your bills or more developed blockchain training based applications like transferring funds to a remote unbanked location are fintech applications of interest that we have become so familiar with, that we take them for granted.
A bit of history:
Way back in 1918the first Fed wire Funds Service introduced by the US Federal Reserve Banks achieved the first fund transfer electronically based on the then-novel Morse and telegraphic cabled lines. In 1950 the first credit card or Diners Club card was introduced by Frank McNamara. Seventeen years later the London branch of Barclay’s unveiled the first ATM machine.
The progress of technology was very slow and these events were forerunners of today’s rapidly transforming fintech technology based on Blockchain training of the systems involved to harvest the many benefits of modern times.
The advent of the internet sent technologies like AI, Ml and Deep Learning spiraling to the forefront. Many revolutionary concepts like mobile phone banking, bank accounts online, etc saw success and adoption post the internet introduction. This was truly the baby-steps for a revolution presently termed ‘Fintech’.
Fintech stepped into the limelight with the introduction of 2009 founded Bitcoin cryptocurrency which was possible because of the innovative blockchain technology it was built on. Eight short years later the mania for cryptocurrencies saw the Coinbase crypto exchange exceed the value of 1.5 billion USD in transactions.
From there on till date blockchain training and fintech have become essential in the technology programs of almost all industries. Today, it has become adopt or be obsolete. The banking sector was turned disruptive at 72 percent. In a short time, the 84 percent insurance giants will also turn disruptive and their collaborations with fintech enterprises will see them transform through technological innovations and use of blockchains. The pace has been set by some insurance firms accepting term insurance premiums online and even earning rewards like discounts for doing so.
The future is encouraging:
Fintech has seen much development with advancements and disruptions sourced from the fields of AI, cloud storage, blockchain training technology, and crowdfunding. A whopping 46 percent of large applications of fintech companies are AI-based. Some of the very good applications in improving back-end processes and customers lines are already functional and estimates say 95 percent of the customer interactions by 2025 will be taken care of by chatbots like Sofia.
Financial improvements are visible with data analysis and compliance applications being developed by the moment. Cloud storage is using blockchains for cybersecurity and record storage. Regtech is the newly-introduced technology to ensure regulations in banks and financial institutions are met.
Banks and fintech:
Traditionally banks had a stranglehold on financial transactions and charged a fee for every transaction. The number of branches was also limited geographically and the numbers of the unbanked got swollen just before the introduction to cryptos. Blockchains made zero-fee financial transactions transparent, immutable, secure and near-instantaneous immaterial of geographical locations.
Big banks adopted fintech to cut costs and retain the competitive edge. They were quick to realize that they could achieve a 30 percent infrastructure reduction and save up to 12.3 billion USD per annum using blockchain technology. Santander, Bank of China, and UBS are leading the way in introducing Ripple a bank compatible crypto in 15 of the 50 big banks. It is anticipated that by 2020 more than 77 percent of the banks would have on-boarded the blockchain technology.
The future for fintech and its enterprises is definitely bright as it has just exposed the tip of the iceberg of potential. Cybersecurity and cloud storage will see a lot of innovation and applications. Authentication modes are set to change with fingerprint scanners, iris scans and such technologies being exploited. Micro-embedded wearables, voice recognition technology all seek to implement the concepts of simplification, ease of operation and personalization which will see improvements in leaps and bounds.
No matter what the future of fintech is the brilliant blockchain technology is all set to improve our lives with fintech applications. Now that you know the history, progress and have had a glimpse of the future, it is time to contribute to being ahead of the curve of fintech development by doing a blockchain training course at the reputed Imarticus Learning. They are the pioneers of training in emergent technologies to help you emerge career-ready.
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