The Banking, Financial services, and Insurance Trends 2019

The future of digital banking will match the fastest evolutionary pace ever recorded. A visible shift in the delivery of digital banking services is clear to all those participating in the industry – and more importantly, the customer is now seeing this as well.

So let's have a look over top BFSI trends of 2019:

1. Digitization:

• In today's tech-world, digitization is growing rapidly and becoming imperative for banking and financial services for companies to keep up with the changes by innovating digital solutions for tech-savvy customers.
• In short, for staying competitive banking and financial industry have to leap the digital platform.

2. Enhanced Mobile Banking:

• Mobile banking is one of the most popular banking systems in the trend, because of the use of mobile apps to perform various banking procedures such as private bank applications with individual login id including checking account balance, bill payments, fund transfers without visiting the bank branch is much helpful nowadays.
• In future mobile banking can also able to provide you services such as IoT, Voice payment service, which can also be found in smart cars, smart homes. Top industry leaders are collaborating to adopt IoT-connected networks to create mobile banking technologies that require users’ voice to operate.

3. UPI (Unified Payments Interface):

• UPI stands for unified payment interface. It is a real-time payment system which provides you the service of the inter-bank transaction with the use of the mobile platform.
• UPI systems are considered the future of retail banking because it provides you a fastest and secure payment gateways which are developed by national payment corporation of India and regulated by RBI.
• A revolutionary transaction system makes funds transfer available 24/7, unlike other internet banking system. In post-demonetization India, this system played a significant role.

4. Blockchain:

• Blockchain is on-trend in the tech-world which works on the principle of computer science, data structure, cryptography and is the core component of cryptocurrency.
• Blockchain can be the future of banking and finance services globally. It mainly used for creating blocks to process, verify, & record transactions but can't modify it.

5. Artificial Intelligence Robots:

• Today every business and enterprise is expanding like the speed of light with the help of IT services so as your business will emerge in a better way possible with the help of AI (Artificial Intelligence ).
• A Chatbot is like a personal assistant for humans for responding to their queries and guide them on a specific topic in a real-time manner.
• More chatbots with a higher level of intelligence are forecasted to be adopted by the banks and financial institutions for improved customer interaction personalized solutions.

6. The rise of Fintech Companies:

• The world has become one huge marketplace. Customer expectations and new technologies rapidly evolve. Over the years, the Fintech industry has grown exponentially and this credit goes to the developments in technologies like Blockchain, artificial intelligence, biometrics, and machine learning. Fintech industry trends play a significant role in determining how the sector evolves and digitally transforms people’s life.
• According to a report by the National Association of Software and Services Companies (NASSCOM), the Fintech services market is expected to grow by 1.7 times into an $8 billion 
• market by 2020.

7. Cloud Banking:

• Cloud technology has taken the world by storm. Cloud computing will improve and organize banking & financial activities, which will be beneficial in terms of flexibility, efficiency, scalability, integration of new tech and applications, data security.
• The banks don't have to invest in heavy hardware & expensive software's as updating the information is easier on cloud-based models.

8. Biometrics:

• A biometric is essential for the security reasons, and the system is changing the national identity policies, it's is also impacting the banking and financial services.
• Biometrics provides you the services with the combination of encryption tech & OTPs. It is authenticated to create a highly secure database by protecting it from the leaks and hackers attempts. It ensures you sophisticated security to customers account & capital.

New digital realities are closer than they appear. In this rapidly changing universe, winners will be those that are agile enough to anticipate and respond to change, innovative enough to create and deliver new customer value, and competent enough to take advantage of the fresh possibilities presented by digital technologies.