Traditional entry barriers to the financial services industry have been very high. This is due to a combination of regulatory burdens and high capital requirements, which can make starting a new business prohibitive, especially for retail banks and insurance companies. Additionally, managing associated risks and meeting the essential compliance standards demands costly and complex tools. Recent innovations in finance incorporate the latest technologies like machine learning and artificial intelligence for managing core business processes.
Some clear categories have emerged among new companies operating in the financial services technology space that compete directly with banks and other “traditional” financial services companies. Firms started identifying parts of the value chain where the user experience was poor and innovated accordingly. They added tools and other innovations to support operations within financial services, particularly ones that were paper-intensive or data-intensive. From investment to lending, this initiative led to personalized advice platforms. Their end goal was to improve user experience (UX) by ensuring scalability. An effective UI/UX design facilitates simpler processes, and compliant reporting, and eases the client’s decision-making.
Since the financial crises and recessions of the past decade, the financial services industry has been under extreme pressure. The fintech market growth has been accompanied by increased technology adoption to keep up with the changing market. Today, dissatisfied customers turn to their smartphones to resolve their problems with one click. Download this infographic now to get a better understanding of:
Today, a fintech market that has undergone explosive growth is maturing. Now is the time to determine which companies will be here for the long haul and what kind of impact they will have on the industry. Capitalize on our banking industry insights and market intelligence solutions to gain a deeper understanding of the latest market trends, recent innovations in finance and stay ahead of the curve. Get in touch with us today.