FinTech Innovations
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The world of FinTech continues to make a transformational impact for forward-thinking banks and other financial institutions.

In this arena, staying stagnant or conservative results in being left in the wake of the early adopters. As a result, leaders and professionals must keep abreast of the technologies poised to make a significant impact.  Let’s explore the tech innovations expected to keep FinTech on the leading edge of technology and business. Use this information to prepare yourself or your business to take advantage the continued evolution in this sector. It remains the right approach to position your company or career for current and future success.

Innovations That Are Shaping The Future of FinTech

AI is Still Revolutionizing the FinTech Sector

McKinsey still ranks AI as the most important technology innovation in the world of FinTech. In fact, they forecast artificial intelligence, generative AI, and machine learning to drive the creation of significant value. According to the consulting firm, AI has the potential to generate $1 trillion in value annually in global banking.

One intriguing AI-related tech projected to make an impact is automatic factor discovery, improving financial modeling. Knowledge graphs and graph computing serve to identify associations and patterns within complex financial networks. Expect these to provide impacts across the entire operations of financial institutions: back-office, front-office, and middle-office. Attracting new customers while retaining existing ones also becomes easier with AI-enhanced product personalization.

The IoT Finds a New Market in FinTech

The Internet of Things (IoT) finally appears to be making an impact both at home and in the business world. Notably, McKinsey also included it among the most important technical innovations transforming the future of FinTech. Financial institutions benefit from the IoT through the use of smart sensors, wireless networks, and near-field communications (NFC).

The insurance industry also enjoys a few intriguing use cases for the IoT. These include the systems monitoring driving behavior already in-use. Risk management solutions increasingly leverage the IoT in logistics, while wearables and mobile devices are adding embedded finance functionality.

No-code and Low-code Supercharges Financial Software Development

AI-powered no-code and low-code tools provide the ability to make financial application development faster. These development platforms leverage a GUI to facilitate the process of application design and generation. In fact, even business users have the ability to function as software architects when using these tools. Expect faster software development to become a game-changer in generating value within FinTech.

Ready to Work With The CERES Group?

If you want find candidates or explore job opportunities in FinTech, connect with The CERES Group. As one of the top IT staffing agencies in New England, we understand this sector and its future prospects. Contact us at your earliest convenience.

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