Trends in financial technology for this 2021

Melissa López
December 6, 2020

With the pandemic, the way we consume financial products changed at an accelerated rate, learn about the trends that the financial sector must follow during 2021 to remain in force in the market.

According to the Latam & Caribe study on Digital Banking presented by the Infocorp company carried out in September 2020, 75% of the banks in Latin America assured that they prioritized their digital channels to offer their products.

In this context, there has been a considerable reduction in cash and an increase in online payments as well as in banking operations, which forces the financial sector to continue with the change in the way of offering its products in a more digital scheme responding to the actual needs.

The main challenge for banking will be to deliver a different and competitive proposal that responds to the needs of its customers, improve the digital experience by streamlining processes, and strengthening itself with more versatile tools.

Antit is a FinTech product development company that remains at the forefront of using the latest technology for the design and development of its products.

Neobanks: by not having the limitation of a physical office to offer certain services, neobanks were born with an indisputable advantage in their DNA, in a pandemic context in which we still find ourselves, operations through a mobile application are expected to take greater strength before its popularization among users.

The neobank makes available a series of attractions for any use such as: receiving intelligent reports of the movement of your accounts, savings envelopes, transfers between users, SINPE in real-time, public service payments, and even withdrawals at ATMs.

Besides, it offers clarity in the cost of commissions, control of financial movements in real-time, as well as ease in opening and requesting products.

On the other hand, as they do not have the physical infrastructure, operational costs are lower, so they can offer lower prices than other intermediaries, with simple, secure, and 100% digital solutions.

Open banking: with the use of APIs, it will be sought to create a payment ecosystem according to the specific needs of each user, who has full control of their bank details will be able to access better offers.

So it is predicted that any technology that is only intended to be compatible with itself and that is not integrated through APIs or open to integration with other platforms will be obsolete.

Also, APIs are an innovative, unique, and advanced way to position yourself in the digital market with a notable increase in income and financial development, with new business models that will allow you to expand your ecosystem of products and services.

Use of the cloud: the migration of technological infrastructure to the cloud will continue to be a must for financial institutions, which want to stay at the forefront of providing digital services efficiently.

Analytical Data: banking data is as valuable as the money they handle, so its correct use can make a difference in its place in the market.

By combining data analysis with artificial intelligence, financial institutions can collect information, process it in real-time, and transform it into opportunities and solutions for clients, creating a competitive advantage.

Likewise, these types of tools will facilitate the automation of digital processes, the development of internal and external operations more efficiently, and even make predictions on behaviors.

Alliances with FinTech: FinTechs came to the market to compete at a low cost and as allies, they can help banks transform their business models and value offer.

The FinTech companies came to facilitate the banking process in a few minutes, from their cell phone, without paperwork, and the comfort of their home, standing out in the digital market for their speed and agility to reinvent themselves in the market and expectations of new consumers.

Besides, they offer solutions to traditional banking leveraging connectivity, mobile technologies, data analysis, and the implementation of artificial intelligence. 

At Antit we have highly qualified IT personnel to help you both in the digital transformation process and in specific stages in which your company is requiring a greater boost.

Chatbot: the integration of chatbot to interact through WhatsApp and thus offer more quick information regarding financial services, the use of this type of advisors grew by 40%.

Artificial intelligence: to create automated risk profiles of clients or develop risk models for real estate projects. Also, track the digital identity and monitor the transactions that customers have.

Biometric authentication: with the increase in data management, biometric technology is no longer a complementary element, but rather something essential to incorporate in new banking technologies as a security method.

Among its benefits is greater comfort and security because biological measurements are much more complicated to 'hack' than alphanumeric combinations.

By including biometric authentication capability in your applications, instead of relying on a specific device characteristic, it allows application vendors to differentiate and customize the security features and performance of their applications.

At Antit we are your best option for the development of your applications through MVP that will allow you to go to market in a short time without losing competitiveness.

QR code: this is emerging as one of the most important financial technologies for 2021, allowing operations without contact between businesses and consumers.

This system will facilitate the sharing of your QR code for payments through social networks, online services, small businesses, among others, saving the payment of commissions since this will be made the same as an ordinary transfer.

Subsequently, the business or person will receive confirmation from their bank of the effectiveness of the said transfer.

Pei is one of the applications designed by Antit that implements QR Codes as one of the benefits that users have.

Antit, as a FinTech developer company, will allow you to improve your management capacity, transforming your platforms into simpler and above all efficient ones for the user, forging products of value and competitiveness in the financial industry.