Leading Tech Fueling Adoption of Financial technology Solutions Innovation and technology have brought about a fundamental change in traditional financial services, fueled by the pandemic. The speed towards digital, built on the foundation of emerging tech coupled with favorable government initiatives, has brought Financial Technology in the forefront of digital transformation designing new products that are taking out friction in payments and various other money movements. This transition is visible in elevated customer experience, which is intuitive, secure, easy to access and often touchless. New innovations and cutting-edge ubiquitous technologies are driving adoption of Financial Technology solutions through inclusivity and embedding financial service experience in business applications – from Artificial Intelligence for predictive analytics to Digital-only banking, from Peer-to-peer (P2P) transaction technologies to Paperless processing and moving to “Zero UI” interactions. This change in consumer behavior towards digital and demand for better experiences requires FIs to drive market differentiation while completely reimagining the traditional models. Adoption towards digital is a mind-set shift for all stakeholders – FinTech organisations FIs, Merchants, Regulators and Consumers - and requires close collaboration to maximize adoption of digital commerce.
