Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

How the fintech industry has grown with advancements in technology

In the last decade, we have seen a revolutionary change in technology and services around us. Based on ultra-contemporary advancements, countries like India, China, Singapore, etc., have pushed their economy to an unprecedented level. The key factor for these countries and their economies is the intelligent use of modern software and continuous development in the fintech industry. Implementing modern tech developed all the sectors of the economy directly and indirectly. After diligent observation, we will see how tech in the financial sector has increased overall transactions exponentially.

In other words, the fintech industry is the protagonist of business developments in major global powers.

While developers play a critical role in making the software work properly, they must undergo rigorous tests to perform properly in all aspects. Sometimes, small and medium enterprises use mobile apps for all business processes, including financial transactions. To ensure all the functionalities, UI and response time are crucial and must be designed and developed thoroughly. For smooth operation, companies use application testing services. key considerations of the software quality assurance for mobile apps include ensuring compatibility with multiple devices and operating systems, identifying usability issues that could affect user experience, addressing potential security vulnerabilities (AppSec), and maximizing efficiency through test automation. For example, mobile app testing services come in very handy for checking a variety of benchmarks altogether for their clients worldwide.

Now let’s check out the major developments that changed our fintech industry. They are given below.

1. Banking with Application programming interface (API)
There are several ways nowadays where the fintech industry is using API to provide the best services. A variety of services are offered by API, such as data tracking, bookkeeping, transactions, etc., to financial organizations. Therefore it acts as a useful tool to upscale the services to boost commercial activities by removing the roadblock with transparent transactions. Additionally, it also lets firms’ authorized partners to access their data and build an effective partnership in the long run.

2. Cloud computing
Experts have stated that cloud computing is the leading feature that the fintech sector is quickly adapting to. As per the global fintech market outlet, in 2022, there is a total of 194.1 billion US dollars in business attracted by fintech stakeholders, while it is expected to grow up to 492.8 Billion US dollars by the year 2028.

This shows that cloud-based services in this sector are a major player. The major advantage offered by cloud servers is that they are safe from any kind of geographical limitations. Thus they offer persistent performance irrespective of bad weather, power outage, hardware malfunction, etc., of a certain workstation. Additionally, most of the cloud firms work in accordance with PCI DSS & PCI 3DS, which provide a rigid security layer against cyber attacks.

3. Voice assistant
As we have landed in the year 2023, we are getting accustomed to modern services such as voice assistant. Whereas in the Fintech industry, the voice assistant feature is giving a new dimension to its stakeholders. With the popularity of virtual assistants such as Google Assistant, Apple Siri, Amazon Alexa, etc., people are rapidly using the virtual assistant feature of financial applications proactively.
Additionally, with the implementation of artificial intelligence in fintech apps, the services are getting smarter and more omnipresent. Instructions with voice commands for sending money, checking transactions, payment confirmation, etc., are utilized effectively. It acts as a revolutionary tool for visually impaired persons that can use these services quite easily.

4. Blockchain
Without any doubt, the technology of blockchain is acting as a flag bearer for the fintech industry. As we know, blockchain creates an impregnable network of digital ledgers for monetary transactions. This not only secures the accounts but also ensures a hackproof accounting model. Therefore it creates a sense of transparency and bolsters the trust of a firm with its clients as well as customers too.
Additionally, the strong security features of Blockchain are attracting governments to adopt this technology in the public sector to reduce monetary corruption. In this way, the State also encourages the fintech industry for its future endeavors.

5. AI (Artificial Intelligence)
To reduce the operations cost, management, decision-making, etc., artificial intelligence is playing a key role in the fintech sector. with data tracking and analysis, AI can precisely predict the correct credit score for customers.

Using it in this sector also checks frauds, as it can detect any suspicious activity and terminate it in real time. Additionally, Using machine learning and AI, institutions are reducing their cost of operations by providing 24x7 support using chatbots & virtual assistants.


Disclaimer: The text above is a press release that was not written by
The issuer is solely responsible for the content of this announcement.

Avertissement : Le texte ci-dessus est un communiqué de presse qui n'a pas été rédigé par
L'émetteur est seul responsable du contenu de cette annonce.


Les avis financiers et/ou économiques présentés par les contributeurs de (experts, avocats, observateurs, bloggers, etc...) sont les leurs et peuvent évoluer sans qu’il soit nécessaire de faire une mise à jour des contenus. Les articles présentés ne constituent en rien une invitation à réaliser un quelconque investissement.

The financial and/or economic opinions presented by contributors (experts, lawyers, observers, bloggers, etc.) are their own and may change without the need to update the content. The articles presented do not constitute an invitation to make any investment.

Vendredi 24 Février 2023