5 Essential FinTech Trends for 2020

The emergence of AI in fintech, cyber security, wealth management, use of machine learning for quick credit, are some the trends of 2019 set to change the paradigm of the FinTech sector in 2020. In the most recent year, the system has changed significantly, with governments and financial organizations likewise getting into the game.

LET’S REVISIT THE TOP TRENDS OF 2019

The application of AI – particularly in the banking sector – is said to have a bright future as there are estimates of aggregate potential cost savings for banks from AI applications of $447 billion by 2023, with the front and middle office accounting for $416 billion of the total savings.

Aditya Kumar, founder and CEO, Qbera, says: “The pace at which technology has been galloping in the last few years is remarkable at the very least. The banking and financial services (BFSI) sector as such is certainly no stranger to technological advancement.

“Over the years, and quite rightly so, it is this sector that has perhaps benefited the most through technological breakthroughs. Some areas where the influence of AI has been particularly pronounced are: credit risk assessment, improving operational efficiency, fraud detection, automation through algorithms, and messenger bots and portfolio optimization.”

With the rapid pace of digitisation and increasing interconnectivity in the FinTech ecosystem, cyber-attacks targeting sensitive financial information is on the rise, and have caused huge operational, reputational and financial damages to organisations. Also, the emergence of data ubiquity has brought the key issues of ‘data ownership’ and ‘data governance’ to the fore, compelling organisations to take efforts to tackle them.

Siddharth Kukatlapalli, Co-Founder & CBO, Syntizen,