How will the financial world change in 2021? TOPIC:FINTECH

During Covid-19, financial technology plays an essential role, in particular for the banking sector.

What will change in the fintech sector?

Firstly, a factor could be the trend towards financial inclusion that guaranteeing access to financial services for everyone. For example, in China, the number of population that has access to the banking sector has increased to 225 million people.

Moreover, the methods of payment are developing a lot. More and more generations use pay by contactless, mobile, or virtual portfolio.

Additionally, artificial intelligence (AI) applied to fintech is a key factor in this technology revolution. Robots could replace humans in many actions, and that would speed up the time of a process. Through artificial intelligence is possible to offer the consumer more personalized saving management based on their needs.

Nowadays, Insurtech is fast becoming more known due to coronavirus. Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. The use of this technology has increased a lot and more and more companies make use of it.

In conclusion, can be said that the banking sector has seen an evolution, and in particular people have changed the way to approach fintech due to the health crisis.

Fonte immagine: MyTechMag

Autore: Eleonora Chetrì, Asset Management, Rebalancing Senior Associate