08 March
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Get on Trend With Fintech

Posted by: Josh Wardini, Community Manager, 16best.net in Fintech

Do you want to know what will drive 95% of all customer interactions by 2025? As a business owner of course you do – you want to keep ahead of the trends, after all. Well, the answer is simple – it is artificial intelligence. Interested in finding out more?

In the infographic below, we have a look at AI and how it has impacted the Fintech industry. We have compiled the most important information about the Fintech industry all the way back to its roots in 1918.

Contrary to what you might believe, Fintech is not as much of a new concept as you might think. It all started in 1918 with the advent of wire transfers. It has definitely picked up speed in the last decade or so, though.

What is Fintech? It is technology that applies to the finance industry. So, where a retailer has a loyalty program in place, one that automatically allows a client to take advantage of a promo or applies a discount, that is a form of Fintech.

More than half of all consumers at a global level are already making use of at least one Fintech firm. This is a testament to the incredible growth of Fintech – growth that is showing no signs of slowing down.

Fintech is becoming a lot more advanced than the simple wire transfer that we saw in 1918. Considering the technology that we have at disposal now, that is only natural. It is an exciting time for the financial services industry – Fintech has already turned it on its head.

What else is in store? Look at business processes being streamlined by automation and operating costs coming down. Fintech is affecting every sector of the financial services industry, from banking to insurers. Change is coming, and it is coming fast.