The financial technology, or fintech, industry has seen an explosion of growth over the past decade, and it doesn’t seem to be slowing down anytime soon. Financial services are now more accessible than ever before, with mobile apps and easy-to-use online interfaces that make managing your finances easier than ever before. But it’s not just the convenience factor that makes fintech so attractive to customers — it’s also the convenience factor that makes it so attractive to developers who want to get into the fintech game.
Related Blog: Fintech Trends In Mobile App Development To Watch Out
Artificial Intelligence
Research has shown that many of us are already looking to AI (or some other form of machine learning) to help us with many tasks in our daily lives. We’re banking and paying for things on mobile apps, managing our health records and even booking travel arrangements thanks to AI. And, as AI becomes more prevalent in our everyday lives—not just for developers but for consumers too—the demand for fintech software development companies with a specialization in artificial intelligence is only going to grow. Check out these ways AI can work in your favor
Future-ready: It's not enough to know how an app will look today; you need to keep abreast of tomorrow's technological advancements, so it makes sense for you to hire a fintech software development company with experience in fields like virtual reality and 3D modelling. Your aim should be not just build strong connections with your customers now, but design something robust enough to adapt easily into future innovations that may well change how we use apps completely.
Biometric Security
According to PWC, biometric security is growing exponentially. What’s more, with Apple’s plans to include a new Touch ID system on their latest smartphones, Biometric security is expected to experience exponential growth over next year. This has created an opportunity for Fintech development companies. Even though most of these applications are still being used by well-known financial institutions, we expect them to soon be used more widely as biometric technology becomes more affordable and accessible in everyday life. For example, retailers could use facial recognition software to prevent fraud when paying with credit cards or online payment systems. Or what about those who don’t have time to enter their pin number? A fingerprint scanner could do that for you! With so many different opportunities, it will be interesting to see how Fintech development companies implement biometric security into their products in 2018.
Blockchain Technology
A digital record-keeping method used to create a tamper-proof history of transactions. According to IBM, blockchain is a system of decentralized trust; a way of passing information from A to B in a fully auditable and secure way, but without needing A or B to trust each other. Blockchain technology is the biggest trend in software development right now. Simply put, when it comes to fintech software development companies in india and similar industries, don't expect hiring needs for blockchain developers to slow down anytime soon. Indeed, professionals who have extensive experience with Solidity, Ethereum's programming language for writing smart contracts are among some of most sought after developers today.
Also Read: How Has Blockchain Evolved FinTech For 2022?
Reg Tech
Fintech has been a hot topic for quite some time now, but in recent years there’s been an explosion of activity in it. As financial services firms look to automate their back-end systems and processes, many are turning to fintech software developers for help. RegTech is one example of a growing industry where you’ll find plenty of fintech software developers at work; as regulations continue to grow and financial services firms try to keep up with them, they’re looking to hire more experts in regulatory compliance who can build automated systems. This will likely lead to even more demand for skilled fintech software developers in 2018.
Payment Alteration
Technology is making it increasingly easy to pay for goods and services with your smartphone. The mobile payments market has soared by 400% in just a few years and continues to expand at an astonishing rate. This means that more fintech businesses are having to rethink their payment processing strategies. If you’re looking for software development companies in India, with a particular focus on fintech, then read on for tips on how to ensure your business is ahead of its competitors.
We’ve recently seen Google announce Android Pay and Apple announce Apple Pay, both of which seem set to revolutionise mobile payments even further. We also expect Amazon to enter into these markets soon so if you need software development for fintech solutions or ecommerce solutions, now could be a great time to review your technology. You should look out for future-proofing as well as cloud-based architecture as these are key aspects of maintaining a successful platform moving forward into 2015.
Autonomous Finance
The fintech sector is booming, and at its heart lies financial technology. Firms use software platforms to help them do things more efficiently, digitally and on a bigger scale than ever before. Naturally, that’s led to a lot of interest in developers who can make these systems come to life. Today’s finance professionals are looking for tech-savvy partners that can help them compete with large-scale IT companies and fast-growing startups. There’s no shortage of options out there when it comes to recruiting new talent—but how do you choose? Consider these five trends as you make your decision
Voice Assistance
As more and more people shop on their mobile devices, voice-assisted shopping will become increasingly popular. According to a study by Google, 70% of consumers believe that voice-activated shopping is faster than using their fingers to shop on their phones. The same study also found that 30% of consumers say they prefer to use voice assistants for online purchases over other methods of online payment. Voice assistance is already being used by companies like Amazon, but if you don’t want to wait around for them to come up with their own solution, now might be a good time to find an app development company in India with experience creating fintech software for voice assistant platforms.
Must Read: Top FinTech Software Development Companies 2022 (Updated List)
