The following trends can be identified as the most significant in the banking & fintech segment for the year 2017.
- Small merchants and Low Income Customers moving from cash to digital transactions
- Front end innovation to gain prominence with multi-lingual support and localization of services using AI
- ChatBots, Robotics and Artificial Intelligence to enhance the experience of customers
- Predictive Analytics will result in a personalized experience for customers
- Open APIs by more banks and non-bank entities for seamless and omnipresent customer experience
- Sophisticated Aadhaar based fingerprint, biometric and other authentication technologies
- Banks and fintech startups will try to innovate BlockChain technologies to increase efficiencies
- Increased competition in Frictionless Customer on-boarding and Credit Underwriting:
- Analytics of Things will transform credit scoring models to accurately underwrite the customer
- Increasing investments in cyber security
- Setting up of Regulatory body for FinTech
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