Emerging Technologies in Fintech
Blockchain technologies and distributed ledgers are among the emerging technologies in fintech. While the concept is complex and difficult to implement, a growing number of organizations are exploring its potential. In mid-2019, the Swiss stock exchange will launch an end-to-end settlement solution based on DLT. The SIX Digital Exchange, however, will focus on trading digitized assets and will not trade cryptocurrencies. Another promising Blockchain application is the smart contract. Several firms have already implemented it in a pilot phase.
In customer service applications, chatbots and artificial intelligence are becoming increasingly popular. These automated solutions are now being used for investments, risk management, basic accounting, supply chain management, and customer service. In addition to customer support, financial service institutions are beginning to implement chatbots, which can answer questions and give instant answers. As more consumers turn to chatbots for financial services, the benefits are numerous. Chatbots can even help a consumer choose products or services based on their needs. In the long run, this can increase customer loyalty and increase revenue masstamilan.
As more financial institutions adopt artificial intelligence, they will become more capable of making decisions without the assistance of a human. AI-based automation is one of the emerging technologies in fintech. It can analyze data from multiple sources and recommend financial solutions based on a user’s needs. This can help banks understand their clients and improve customer service. The evolution of AI and robotic process automation will change the way we interact with our money. Ultimately, it will transform how we bank and finance.