PWC

1.  Latest Technologies for Neo banks –
1. Artificial intelligence for predictive analytics - Besides powering chatbots and virtual assistants, artificial intelligence (AI) is also powering large-scale predictive analytics to help
consumers find more personalized experiences.
A) Fraud prevention – ML tools analyse existing fraudulent cases, detect common, patterns, and evaluate whether a particular business doesn’t display similar behaviour. This allows
us to predict possible frauds and uncover questionable financial institutions.
B) Risk management – the software analyses the company’s performance and detects potentially threatening patters;
C) Fund development prediction – by scanning investment records, an ML-powered tool can define the most probable future developments.
D) Customer service – the platform analyses customer data and builds a smart client profile.
2. Blockchain - Blockchain technology enables ultra-secure payments and transactions while eliminating any intermediaries, which significantly reduces costs. The World Economic
Forum report states that by 2025, blockchain technology will be responsible for storing 10% of global GDP. Blockchain can provide the following benefits for the financial sector:
 1. Fraud reduction
 2. Trading processes automation
 3. Independent client verification
 4. Smart payments
 5. Secure payment processing
3. Public cloud- Public cloud adoption has many benefits for financial businesses. The cloud provides a faster way to deliver services to consumers. Companies have to invest less
capital.
4. Augmented reality - Augmented reality (AR) is helping fintech institutions enhance and enrich services for consumers. Compared to virtual reality (VR), AR has proven more practical.
VR requires expensive headsets. But most consumers can access AR technology through their mobile phones. Financial institutions are trying to create interactive AR experiences in
physical spaces. The experience combines the digital and physical world for consumers. They feel more connected to the institution because the experience has a physical component to
it.
5. Biometric Security System Adoption - The biometric security system is a solution that has emerged to shape the fintech financial technology future and bring security to the next
level. The trend offers users and baking institutions the confidence that their essential data is secure and protected all the time. Such a solution also proved beneficial during the
pandemic as people now avoid using cash or making payments through devices that do not involve touch.

2. 6. Big Data - Aside from the customary monetary information assortment, new information sources like portable banking and the Internet of Things (IoT) are giving extra
layers of information gathering, which will together be going to space the eventual fate of fintech. By joining these innovations with Artificial Intelligence, Big Data
investigation can use a lot of old and new information to discover covered-up designs for extortion location and hazard the board.
7. Peer-to-peer (P2P) transaction technologies - A big benefit of P2P payment method is that they remove the middlemen and bring down transaction costs.
8. Chatbots and virtual assistants for consumer education - Mobile devices, better network connectivity and improvement in artificial intelligence have made chatbots and
virtual assistants easy to implement. Financial institutions have started to effectively use fintech technologies like Alexa Skills to create educational content for consumers.
Most people are not financially savvy. When they contact any kind of financial institution, they are looking for guidance. In the past, human advisors helped consumers
understand their options. However, most of the customers have a similar line of questions with slight variations. Banks and other financial institutes tried to answer these
questions through frequently asked question (FAQ) pages. But these pages can become hard to navigate due to their length and become ineffective. So businesses in the
financial sector are using chatbots and virtual assistants to more effectively deliver content.
9. Internet of things (IoT) -- companies can deploy IoT devices to collect insurance telematics and use the information to provide customized insurance coverage. In case of
an accident, IoT devices can provide more accurate information to make faster claim decisions.
10. API Based Platforms - The keen mix of open stage banking and open APIs will eventually change the whole financial environment beginning from the items and
administrations offered to conveyance channels. Through open APIs, it will get simpler and more helpful for clients to associate with their separate banks. Here, the banks
will act as a stage, on which outsider organizations can fabricate their own applications by utilizing the bank’s information.
11. Easy Instant Payments –
URLs used –
 https://www.digitalauthority.me/resources/fintech/
 https://medium.datadriveninvestor.com/7-emerging-trends-that-will-shape-the-future-of-fintech-financial-technology-28d9820a7af3
 https://www.appventurez.com/blog/technologies-affecting-future-of-fintech/
 https://www.information-age.com/top-five-technologies-that-will-transform-fintech-sector-in-2020-123484767/
 https://www.netguru.com/blog/top-7-technology-trends-in-fintech-in-2021