The amazing and non stopping financial technology companies sector!
The Fintech or financial technology companies sector has not stopped, despite the confinement and all its consequences. We could say that it has experienced an interesting turnaround in the face of the challenges imposed by the new lifestyle in many aspects. The rigidity that until a few years ago characterized the financial sector has transformed. This is how flexibility in operations and processes is imposed, and fintechs are emerging as the perfect creators of solutions in times of change.
The new face of Fintech in 2021
Let’s take a look at the main objectives of fintechs before addressing their possible near future. Their goals focus on:
Making technology a tool to offer better financial services.
Eliminate P2P (person-to-person) intermediation in those financial products where it is possible.
Add value to existing financial processes.
Lowering the costs of financial services.
Broaden the scope of these services and make the processes much more transparent for the user.
In the quest to meet these objectives and face the new challenges posed by the year 2021, fintechs are expanding their scope and redefining their course. Let’s take a brief look at the latest trends.
Expansion and changes in the figure of crowdlending
The need to obtain credit has grown in recent times and understandably so. Crowdlending or financing through a digital platform is one of the most profitable and efficient options to date. Both lenders and beneficiaries are in direct contact, minimize bank intermediation, and add value to the traditional credit process.
In 2021, we will see further growth of this figure, even in its equity crowdfunding variant. The participation of investors or lenders is based on equity participation in the chosen project.
Growth of the neobanks boom
Neobanks are financial institutions without a physical presence. They allow all operations to be carried out through their mobile applications, which are simple, easy to use, and practical.
At this moment, they are presented as the perfect option for those customers who need to make their payments and operations as efficiently as possible and with the least amount of time.
Blockchain technology as an ally in security, transparency, and speed.
Faced with a reality where banking and other financial services are oriented to digitizing services, cost reduction, and elimination of intermediation, blockchain technology becomes the perfect ally.
The use of blockchain for most financial companies ensures:
Efficiency by streamlining processes and reducing transaction costs.
Security and transparency because it ensures the verification and authenticity of transactions. Likewise, access to information in real-time at any point in the process.
Increased use of Artificial Intelligence
Artificial Intelligence has become a beneficial resource for the growth of fintechs. The possibility of developing user-friendly tools that are easy to use and that optimize the user experience fully meets the sector’s expectations.
Chatbots are just a sample of how much AI can do in this sector, as they have simplified processes, respond to user needs. In the short term, they will be able to generate changes according to the predictive analysis they can make due to the interaction with the user.
The role of digital onboarding in the present and future of fintechs
Undoubtedly, the accelerated growth of Fintech has led to the development of many other areas of technology in parallel. The need to ensure the proper onboarding of new customers on the financial platforms and applications that burst into the market made digital onboarding a priority.
Digital onboarding, or mobile onboarding as it is also known, is the non-face-to-face identification process that allows customers to sign up for an application digitally, without intermediaries, eliminating the need to go somewhere or fill out paper forms physically.
The high levels of security and accuracy required for digital onboarding are supported by developing tools based on biometric technology that allows customer identification through a video call. Similarly, they have the necessary resources for the required verification of the documentation presented by the client in digital form. Digital onboarding also fills the necessary regulatory space, depending on the requirements of the countries where the applications are used, giving fintechs and their products the credibility and trust they need.
Hypernova Labs for the future
Hypernova Labs perfectly understands the needs of the 2021 customer, which is why we anticipated their financial and technological requirements by developing Aludra as the perfect ally when opting for e-commerce.
Aludra is an ecosystem of applications that will make your life easier by allowing you to increase your sales channels and upgrade your business. It will facilitate your mobile sales processes, customer connection, and electronic invoicing processes, meeting the highest levels of security and legal regulations that apply according to the characteristics of your business.
The future of Fintech is just around the corner, and Hypernova Labs knows the way. Let us build with you the financial solutions your company requires and make the future a pleasant surprise.