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Role of fintech in banking

Role of Financial Technology in Banking. This ppt describes the impact of Fintech in Banking and the new technologies that are disrupting the banking and financial services. This also includes the need for innovation in the banking sector. Fintech i.e. Financial technology plays an important role in the banking sector. Retail banking, financial technology, Fintech, innovations, Technologies, Imoact of Fintech in banking.

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ROLE OF FINTECH
IN BANKING
Made by:-
Rishabh Seth
1.
INTRODUCTION
Financial Technology
• Retail banking is rapidly heading to a crossroads. With the Millennial population
projected to hit 78 million by 2030
• FinTech is no longer a jargon of the banking industry. Instead, it has become a
familiar term in technology in general. The Global investments in FinTech
ventures has doubled to a whopping $112 billion as compared to $51 billion last
year
• Fintech improves the health of traditional financial institutions by enhancing
performance and improving profitability.
• Fintech firms provide an opportunity to enhance loan portfolio diversification.
When you have the ability to become more granular with each customer, you are
more likely to find (and offer) consumers the exact products they need, when
they need them
2.
FINTECH AND NEW
TECH
✘ Machine Learning and Artificial Intelligence
✘ Users saving Decision better
✘ Automated customer service technology
✘ Leveraged to fight frauds
3.
TECHNOLOGY IN
RETAIL BANKING

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Role of fintech in banking

  • 1. ROLE OF FINTECH IN BANKING Made by:- Rishabh Seth
  • 3. Financial Technology • Retail banking is rapidly heading to a crossroads. With the Millennial population projected to hit 78 million by 2030 • FinTech is no longer a jargon of the banking industry. Instead, it has become a familiar term in technology in general. The Global investments in FinTech ventures has doubled to a whopping $112 billion as compared to $51 billion last year • Fintech improves the health of traditional financial institutions by enhancing performance and improving profitability. • Fintech firms provide an opportunity to enhance loan portfolio diversification. When you have the ability to become more granular with each customer, you are more likely to find (and offer) consumers the exact products they need, when they need them
  • 5. ✘ Machine Learning and Artificial Intelligence ✘ Users saving Decision better ✘ Automated customer service technology ✘ Leveraged to fight frauds
  • 7. ➢ Technology and retail banking are inseparable ➢ Banks adopt different technology platforms in line with Global Trends ➢ The implementation of core banking will directly increase the chances of availability of customer data across products and will increase the scope for cross selling and up selling ➢ Horizontal or vertical organized refers to whether the data is available product wise on a stand alone basis or data is available customer wise on a integrated basis. ➢ An integrated CRM solution will sell to the targeted customer base
  • 8. ➢ Augmented Reality ➢ Robotic Process Automation ➢ Quantum Computing ➢ Artificial Intelligence ➢ Prescriptive Security
  • 9. 4. NEED OF INNOVATION IN BANKING SECTOR
  • 10. ● Create a culture that thrives on it ● Innovation requires talent ● Innovation requires iterative improvement processes
  • 11. Technologies that are disrupting banking and financial services ● AI Driven Technology ● Hybrid Cloud ● API Platforms ● Blockchain ● Instant Payments ● Smart Machines
  • 13. ✘ The rise of Fintech has changed every aspect of financial services and banking. ✘ Loans - Opened a huge new market for market-based lending. ✘ Payment services - are made online using internet or through smartphones, alleviating the need for merchant accounts ✘ Wealth management - The way people save money, manage assets, and invest their capital is changing ✘ Remittance transfers - Inbound and outbound transactions simple and affordable. ✘ Insurance services - Acquiring insurance has now become a less complex procedure