It is not just banks that have had to rework their strategies, though. While banking has been the sector most affected by Fintech, other players in the financial services have also been impacted.
For example, around 54% of fund payment services and 25% of insurance services have also been affected. If you would like to learn more about this trend, have a look at the infographic below. It’s quite the eye-opener.
Even industries outside the financial services industry have been affected. Travel industry will never be the same after the advent of GoToGate, for instance. The world of gaming was changed for good by almighty Gaben and Steam, while Netflix redefined the way we watch TV shows. All these exist solely thanks to instant online payments
But that’s only a fraction of the changes bound to happen.
Advances in machine learning have made it possible for artificial intelligence to really start making headway. At the moment, around 46% of the larger Fintech entities use AI to power their businesses. AI is no longer a sci-fi dream, it is now a reality.
You probably already use it without knowing about it. If you make use of virtual assistants like Cortana or Siri, you are already experiencing the benefits of AI.
Another item that has helped Fintech grow is cloud based computing. Using cloud based services is beneficial to companies because it allows them to store data securely offsite. This means lower infrastructural costs and lower maintenance costs as well.
The combination of AI and cloud based services is a powerful one. Clients can access and process information more quickly and simply than ever before.
SEE infographic below for more information: