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Deltec Bank Explains Current Trends in Fintech

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Deltec Bank Explains Current Trends in Fintech

November 27
21:12 2019
Deltec Bank Explains Current Trends in Fintech

Deltec Bank
According to Deltec Bank, “Banks will probably rely on AI even more in the future because of the technology’s ability to automate tasks and processes. This will enable banks to provide quicker customer service.”

The fintech industry is growing at a rapid rate.  According to a research report from Business Insider Intelligence, funding for this industry reached $32.6 billion in 2018. 

This post will explore the most recent trends in fintech and what we can expect to see in the future. 

Asia is Becoming the Center of Technology

Although Silicon Valley is often associated with innovative technology, Asia is quickly becoming a prominent player.  Asian companies are striving ahead of other markets by jumping on the current trends in fintech.

Newzoo claims that the number of total mobile users will reach 3.8 billion by 2021, with more than half that number coming from the Asia Pacific region.  This provides great opportunities for banks to team up with third parties for the purpose of developing and offering mobile payment options for this large number of mobile users.

Some of the leading fintech companies in Southeast Asia include:

  • TrueMoney
  • Garena
  • Doku
  • Baokim E-Commerce
  • Bluezelle
  • CodaPay  


Blockchain will Become More Common

It’s been predicted that the blockchain market will exceed $60 billion by 2024.  Bernard Marr, a contributor to Forbes, cites a report that revealed, “the use of blockchain technology to secure data and devices in the internet of things (IoT) doubled during 2018.”

Marr predicts, “This trend is likely to continue next year and beyond, as more organizations wake up to the potential of distributed, encrypted ledger technology in this field.”

Why such growth? See the reasons below:

  • This technology reduces costs.
  • Blockchain technology can be used for many different purposes, such as transactions, contracts, cryptocurrencies…
  • The network provides greater transparency in financial reporting.
  • Data that must be shared between banks is kept secure.


Banks are Implementing AI

Artificial intelligence can make it much easier to apply for loans.  AI can also automate some underwriting decisions, which allows loan officers to devote more time to other tasks.

According to Deltec Bank, “Banks will probably rely on AI even more in the future because of the technology’s ability to automate tasks and processes.  This will enable banks to provide quicker customer service.”

Although AI probably won’t take away the vast majority of banking jobs right now, it will alter the responsibilities and definitions of those positions.

Fintechs Are Working Hard to Stand Out

Customers have high expectations when looking for digital and mobile services. Fintech providers are striving to meet or exceed those expectations.

This is being done by:

  • This technology reduces costs.
  • Blockchain technology can be used for many different purposes, such as transactions, contracts, cryptocurrencies…
  • The network provides greater transparency in financial reporting.
  • Data that must be shared between banks is kept secure.


Fintechs are Focusing on Younger Generations

Millennials are struggling to make ends meet.  Fewer of them are able to buy homes or start businesses.  They need some guidance that will get them on their feet.

Robo-advisors are being used to guide millennials through the investing process.  This generation is a prime target of fintech companies because they are more trusting of technology.  Perhaps they are the most likely to accept the latest trends in fintech    

Banks Are Looking to Join the Action

Although unable to progress during the Recession, banks are starting to implement advanced technologies in their systems.

Consider the following examples:

Technology continues to progress and change all the time. But knowing the current trends in fintech will help the financial industry get prepared. 

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media Contact
Company Name: Deltec International Group
Contact Person: Media Manager
Email: Send Email
Phone: 242 302 4100
Country: Bahamas
Website: https://www.deltecbank.com/