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5 Massive FinTech Software Development Fields You Could Invest In

The last decade showed us what technology was capable of doing. Influencing all aspects of our lives, technology has indeed changed the way things worked previously.

Besides, the last decade witnessed the onset of some of the most disruptive technologies and concepts in the market. From Big Data becoming mainstream from just a buzzword to artificial intelligence finding applications in the most unique industries, the bygone era showed us all.

This decade, things are simply going to become more powerful. This holds true especially in the fintech sector, where technology is redefining conventions. With digitization and the reach of portable devices and the internet, banks and finance companies are increasingly looking for ways to keep up with trends, retain customers and attract new.

For those of you who didn’t know, the fintech sector is expected to become a $7mn industry by the year 2021 (at the rate of 20.5%). Besides, the amount of investments in this sector numbered to $55.3bn in the year 2019.

Banks have realized that customers look for simpler, faster and more secure ways to transact payments and simultaneously enjoy convenience. That’s why tons of finance companies are reinvesting on tightening their tech infrastructure.

Today, some of the major developments happen in the following fields:

Today, some of the major developments happen in the following fields:

Some of the most disruptive techs implemented in the development of fintech software applications include:

For a fintech solution to be seamless, the entire ecosystem of functions and operations have to be precisely working. Several key factors have to be considered at the time of ideation so that the development phase could be comparatively seamless.

If you intend to invest in the fintech sector, understand that the following are the challenges you would encounter along the way.

Though these are challenges, a strong development team and optimized project management can help you steer clear of any compromise.

Statistics of Mobile Payment Volume from 2015 to 2021

Like we mentioned earlier, the previous decade saw the tremendous market penetration of smartphones and the internet. With such a rise, the fintech industry saw an equal number of opportunities to diversify its products and services. This led to the emergence of mobile payment systems, a concept where we no longer need physical currencies to initiate transactions.

In simple words, business intelligence refers to the use of data to detect patterns and make crucial business decisions. For this, one needs tremendous amounts of data, a system to manage the volume (Big Data) and process it and automate redundant tasks wherever possible. These three processes should function mutually at any given point in time.

With the help of business intelligence, you could monitor customer behaviour, detect market trends, find loopholes in security and fix them, elevate user experience and do more. With the incorporation of predictive analytics, business intelligence can also tell you the right time to take a preventive measure even before a concern pops up.

One of the simplest applications of this lies in gauging the repayability of a borrower with an automated background check process of his previous records and overall online behavior. The more data touchpoints in a system, the more data generated.

For an industry like fintech, where there is an inevitable need for assistance and support all through the year, a highly precise chatbot is an absolute essential to deter undesirable consequences.

Statistics of Blockchain Technology Powered Solutions

For the uninitiated, blockchain is a highly secure decentralized ledger that is distributed among members. There is no single authority in blockchain and all the members are aware of all transactions, making it uniquely transparent. Because of this, this tech is considered to be fraud-proof and is ideal in tackling money laundering concerns.

Market Size of Insurtech industry from 2016 to 2020

A combination of the words insurance and technology, insurtech offers:

To achieve this, insurtech developers leverage the potential of IOT, wearables, data science, artificial intelligence and mobility solutions.

So, these were the 5 massive fintech sectors that you could blindly invest on. Since fintech is all about numbers, you saw the estimated growth of this industry in the coming years. If there’s a good time to venture into fintech solution development, it is now.

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