Bahaa Abdul Hussien publishes his experiences in the Fintech space through this blog to his audience. Fintech or financial technology has made life easy for consumers. Advances in technology has benefitted the financial sector that has been able to offer better services to customers. Technology is continuously being upgraded and new innovations are being implemented. These new trends in fintech will revolutionize the sector in the coming years.

1. Trends in Fintech
Bahaa Abdul Hussien publishes his experiences in the Fintech space through this blog
to his audience. Fintech or financial technology has made life easy for consumers.
Advances in technology has benefitted the financial sector that has been able to offer
better services to customers.
Technology is continuously being upgraded and new innovations are being
implemented. These new trends in fintech will revolutionize the sector in the coming
years.
Bahaa Abdul Hussein lists out the trends in fintech from his experience:
Blockchain is the future
Blockchain technology is going to make peer-to-peer transactions easier and effective.
The use of blockchain can eliminate the requirement of an intermediary for carrying out
asset transfers.
The use of blockchain enhances efficiency in the fintech sector. Since a distributed
database would be used, transparency can be enhanced. Transaction speed would also
improve and the chances of fraud are drastically reduced.
Financial firms are jumping in
Financial firms are getting involved in fintech because they sense its potential. They are
aware of the immense benefits these technologies can offer. Some of them are being
part of consortiums to work with the fintech sector.
Financial firms are acting as venture capitalists and investing in blockchain powered
projects. It is estimated that startups in this sector can earn $470 billion in profits. This
would be possible since these companies are going to create value.
Regulators are becoming interested
Financial regulators in countries like the UK, Singapore, and Australia are showing
interest in blockchain innovations. They have understood that it is the future and want to
look at this technology from a regulatory point of view.
Innovation comes with risk, but control is needed to protect the rights of consumers. In
the US, regulators are watching and have not yet come out with guidelines. This may
come up in the near future.

2. Operational challenges exist
There would definitely be operational challenges during the implementation phase. This
is true for any technology that is disruptive in nature. While businesses are enthusiastic
about the implementation, they are wary about the challenges involved.
The impact of these technologies on business processes need to be understood. There
would be both short-term and long-term impacts that have to be factored in.
The focus is on the long-term
Implementing a disruptive innovation like blockchain is like running a marathon. It is not
a short sprint that can be finished quickly. As per Bahaa Abdul Hussien, there are many
things to be considered like:
● Whether existing architecture has to be changed.
● Whether new features would be added or existing products would see
improvements.
● The business areas where investments are needed.
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