Three tech trends influencing Asia’s Fintech future
The rise of Fintech in Asia happened when smart phones penetrated the region and Internet was made available to large user base. Today Fintech startups are expected to raise revenue worth $38 billion globally by the year 2025.
Asia, especially the southeastern region is now powered by great connectivity, which will eventually thrive the growth of Fintech. The users now have great exposure of high-end technology-driven Fintech applications and are not hesitant to use it for making financial decisions such as getting insurance, loans, making transactions, lending money, etc.
It is the peerless and secure technology like Artificial Intelligence, machine learning etc. that the Asian sector has trusted in the last few years and are now welcoming to be a part of their mainstream activities.
Here’s is a list of 3 most popular and influential technology that helped Fintech entered the Asian market or in fact globally:
- Internet of Things
By 2023, the IoT driven smart devices will rise to 7.5%. This will also increase the digital payments and transactions made by some of the smart devices. IoT will combine with Natural Language Processing and predictive AI to make these transactions safer and make smart devices suitable for commercial applications
- Artificial Intelligence
Artificial Intelligence and machine learning are already a part of the Fintech game. Their main application is to recognize and identify user patterns and anomalies and improve computational learning. This gives deep insights to Fintech firms and help them with asset management & e-lending. A lot of Fintech applications are powered with these two technologies. They analyze the user-driven data such as the expenditures, loans, personalized credits, etc.
- Augmented Reality
Wondering how Augmented Reality (AR) is even related to Fintech? The Fintech industry has reached an investment of $ 46.1 billion globally in 2020. Well, there is sharp rise in the mobile payments especially during this pandemic and therefore Fintech companies are now looking to implement AR to enhance the user experience.
AR is considered to be a great tool for next-gen marketing and improving the interface during transaction or upon landing can bring a great change. Another segment where AR finds its application is enhancing data visualization while presenting financial data. This improved display is what will set them apart.
The digital foundation has never better & stronger in Asia. More people are now aware and equipped to use digital platforms and services. Users are welcoming these technologies and feel secured while using them. The next gen who is born in digital space and are habituated to use apps for every single task would want to manage their financials in the same way i.e. through mobile using apps. The convergence of these three popular technology and big data is what making Fintech a billion dollar industry.
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