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Financial Tech Trends Overview for March 2021

By: PRLog

We are bringing the latest financial tech trends that are actively implemented into banking facilities to your attention.

INDIANAPOLIS - March 9, 2021 - PRLog -- The previous year has forced most industries to digitally transform to stay in business. As any business company deals with different types of financial operations every day like online payments and other transactions, so the need for fintech solutions is high like it has never been before. We would like to highlight the fundamental fintech trends for 2021 that are expected to develop and be implemented into business workflows to automate operations and boost their efficiency.

VR learning platforms

The online learning platforms have gained a huge popularity during the pandemic as no sphere could start their education offline.The Bank of America is ready to upgrade their employee education with the VR technology to provide a real-time but simultaneously online learning of everything from notary to fraud detection. Earlier they had the opportunity to hold VR education only for 400 workers and now it has grown to 45000 employees each of which needs a headset. They have already prepared the lessons and are ready to start this learning program.

AI technology

AI technology shows a great perspective in the financial industry. Despite the difficulties with the adoption of this tech trend, it is expected to provide semi-automated credit assessments due to large-scale data analytics to make this process quicker and structured.

Payment Services Directive 2

This framework aims to protect customers` private data and make online banking more secure in order to improve customer experience and protect their data from hacker attacks. The key option of this technology is providing a two-step authentication for all users with mobile phone, special pin code, fingerprint or face ID.

Digital Banking

Digital banking is moving forward and outpaces the offline bank establishments. After the full lockdown most U.S. people claim that they will never use the services of real banks again as they used to before. So if the bank is not going online, it is likely that it will lose the majority of their customers. The banking system will not be the same as digital form is accessible from any location and any time. However, digital banking is expected to become more secure as customers want to feel fraud-protected when trusting their private data.

Alexandra Rostovtseva CTO & Founder

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