Largely known for its conservative nature, the financial industry recently enjoyed a significant transformation because of technology.
Notably, it created its own buzzword – FinTech – due to the massive impact of AI, machine learning, and other technologies. Companies able to ride the leading edge of FinTech enjoy a significant advantage over their competition.
With a goal of keeping your finance firm ahead of the pack, check out these top 2023 FinTech trends. Use this information to help your company plan for the upcoming year and beyond. Your future success ultimately requires a deep understanding of how FinTech optimizes a variety of financial processes.
Check out these top 2023 FinTech trends
Virtual Cards Improve Retail Cybersecurity
Virtual cards allow consumers to shop online without sharing their actual credit or debit card information. In a financial industry where cybersecurity remains critical, this feature provides customers with a more secure eCommerce experience. This approach essentially generates a unique card number for each separate transaction. Online retailers need to closely explore virtual cards with the goal of supporting them in the near future.
Contactless Wearables Transform the Shopping Experience
Contactless shopping at brick-and-mortar stores continues to grow in relevance in the wake of COVID-19. Apple Pay, Google Pay, and other mobile payment options began this trend. However, advancements in near-field communication (NFC) make the concept of a contactless wearable a reality.
Consider having a virtual card on a smartwatch or even a smart ring on your next shopping trip. It provides security from both unethical hackers and germs at the grocery store or other retail establishments. Tech companies crafting modern point-of-sale systems need to consider quickly adding support for contactless wearables.
Expect RegTech to Transform The Process of Regulatory Compliance
Regulatory compliance remains a critical function in most financial institutions, but not one that generates profits. Notably, this process tends to be highly manual, inefficient, and time-consuming. Thankfully, one of the biggest FinTech trends for 2023 involves the emergence of RegTech.
RegTech involves using technology to optimize the process of regulatory compliance. This approach even includes using machine learning models to detect irregularities in digital payments. In addition to making compliance more efficient, it also reduces money laundering and other fraudulent activities. Interestingly, RegTech parallels other benefits gained by financial companies using AI-based FinTech to improve efficiency throughout their back-office operations.
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If your company needs an influx of tech talent, connect with the team at The CERES Group. As one of the top IT staffing agencies in New England, we provide tech professionals able to improve your business efficiency. Schedule a meeting with us to discuss your current hiring strategy.