Cloud computing has transformed the financial sector, making solutions such as virtual assistants, biometric authentication, virtual reality trading, predictive loan offers, ML-enabled fraud detection, and AI-enabled claims processing accessible for any fintech. Moreover, the “pay as you go” pricing is less expensive than outdated enterprise infrastructure.
Across the finance and banking industries, companies rely on data science for financial scoring and risk analysis, algorithmic trading, and real-time and consumer analytics. Fintechs can pair real-time analytics with customer relationship management software to make the customer experience faster, more personalized, and even seamless.
Blockchain can be key to reducing the time and cost of transactions, making it just one of many technologies that has significantly disrupted financial services. Cloud computing and AI/ML have also revolutionized the industry, while RPA (robotic process automation) releases employees from time-consuming, repetitive tasks so they can focus on more complex ones.