Financial institutions are witnessing a massive shift as FinTechs disrupt traditional banking and finance with innovative technologies. The rapidly evolving digital landscape has lowered barriers to entry for FinTechs, enabling them to offer new and personalized financial products. The global FinTech market is expected to reach $309 billion in revenue by 2023, building a more inclusive and effective financial services system.
CredAble: Simplifying New Age Supply Chain Financing Solutions
One such example is CredAble, which is simplifying new-age supply chain financing solutions with a 360° solutions suite. CredAble is enabling businesses to move away from complex, linear models into ones driven by digital ecosystems and nimble networks. As India’s single largest enabler of working capital, recent technology trends in supply chain finance include blockchain technologies, data analytics, machine learning, and artificial intelligence. The true potential of supply chain finance lies in the right combination of various technologies.
Disruptive Innovation: Changing the Way We Live, Work, and Interact
Disruptive innovation is a process by which new technologies or business models disrupt established industries, creating new markets and customers. This can be seen in various industries, from transportation to finance to healthcare. The rise of fintech companies has disrupted the conventional banking industry by delivering new and innovative ways of conducting financial transactions. Disruptive innovation has a far-reaching impact on communities and the economy as a whole, creating new employment opportunities,
increasing productivity, and driving economic growth.
Artificial Intelligence in Wealthtech: Improved Risk Assessment and Personalized Investment Advice
One of the key benefits of AI in wealthtech is its ability to analyze massive amounts of data and provide wealth managers with insights that can inform investment decisions. AI can also be used to assess risk more accurately than traditional methods and provide
personalized investment advice to clients. However, wealthtech firms will need to navigate a complex regulatory landscape and ensure that they are protecting their clients’ data and assets from cyber threats and other security risks.
Central Bank Digital Currencies (CBDCs): Disrupting the Traditional Banking Model
CBDCs could disrupt the traditional business model and impact the financial customer experience. Some fear CBDCs will lead to a cashless economy and increase government control. However, CBDCs could allow individuals and businesses to make cross-border payments directly, increase financial stability, and not carry the volatility and risk that cryptocurrencies do. CBDCs are an optimal form for storing money digitally and could move digital payments out of the domain of banks.
Fintechs and Challenger Banks: Disrupting the Traditional Banking Industry
Fintechs and challenger banks are disrupting the traditional banking industry by providing banking services via mobile apps or websites with no physical branches. They are gaining popularity due to convenience, reduced fees, tailored services, efficiency, and cutting-edge services. Digital banks are projected to continue to grow, with over 75 million subscribers in the US alone by 2023. Reasons for continued growth include customer interest, reduced regulatory hurdles, and increased investment.
