The Future of FinTech 2021 and Beyond?

Future of FinTech 2021 and Beyond

Technology is playing an important part in human lives. People are heavily dependent on technology not only to perform trivial daily tasks but also to make a living and perform important pecuniary tasks. Finance is something that every human, in some form, participates in after reaching adulthood. Making payments, investments, or just storing their money, all involve finance, and technology has covered these trades as well.

Fintech Technology has been evolving with time. Gone are the days when money was looked upon as some form of contract paper, which could be traded with physical means only. Technology has made several financial processes easier and is continuing to do so with passing days. Let us discuss some Fintech areas which are likely to see major innovations in the future-

Digital Banking-

The onset of Digitalization has affected almost all the sectors in the world. Money is no stranger to this trend. Usage of hard cash for a transaction has been depleting for over a decade now. The digital transaction is much faster, easier to keep track of, and doesn’t depend upon the distance between the parties among other things. This mode of payment has been promoted all over the world and almost all businesses have integrations that promote digital payments. The coming times will see a rise in this trend.


Money is a necessity that cannot be ignored, and loans are liabilities that prove to be a good asset when used properly at appropriate times. While lenders generally offer loans that amount to certain thousands of dollars at least, often at times we find ourselves in need of a smaller amount of money. Micro-loans come in handy at those times. Several startups have come up that provide a smaller amount of money with minimal documentation. The number of such startups are likely to increase in the coming times.


Monetary transactions are necessary for an economy to work. Most of these transactions involve small amounts of money that we spend for our daily expenditure. These transactions have a lot of improvisation and innovations in the Fintech industry- giving rise to digital wallets, promoting digital transactions, and so on. In the times to come, this trend will give rise to more platforms that emphasize easy transactions.

Banking as a service-

Banking as a service (BaaS) is an innovative banking method where corporations use integrations to collaborate with banks and utilize their infrastructure to build their products that would allow for seamless payment services. As the utilization of the web to avail services and performing financial transactions is increasing, BaaS is becoming more and more prominent. Razorpay, Green Dot, and Starling Bank are some BaaS service providers that aid businesses immensely.


Cryptocurrency has been in trend ever since the rise in the valuation of Bitcoin. The rise in valuation takes place due to a certain reason. Bitcoins make it possible for transactions to take place between peers without the involvement of a third-party bank. The transactions are transparent for the parties and secured using advanced encryption standards. Cryptocurrency is being accepted as a payment method for several platforms- Twitch, Starbucks, and Home Depot.

Digital Wallets-

The competition among the E-commerce players varies from products and services to the platform. Payment facility is one such aspect that the organizations try to make easier for their customers. Digital Wallets have thus come up as an innovation that allows users to store their money with the platforms they use as per their needs.

It avoids the circumstances when transactions are delayed or failed due to third-party server downtime. Moreover, the vendors make use of this balance to grow their businesses and offer lucrative discounts and offers in return. This trend is likely to keep flourishing in the future.


When it comes to money, however, security becomes very crucial, and to ensure the safety of the customers’ money, cybersecurity needs to be robust keeping in mind the increasing number of cyber-crimes related to finance. Cybersecurity experts develop new encryption methods and institutions implement the latest security measures accordingly. Considering the importance, security will always play a crucial role in Fintech.

Investment and Trading-

With the introduction of digital means of making transactions, paper mode transactions have reduced to a great extent. With this, the financial processes that were reliant on paper mode transactions have adopted digital means as well. Financial trading and investments have been revolutionized due to this. Several applications now allow traders and investors to invest, make orders, purchase contracts and do stock trading using their smartphones.

Robotic Process Automation-

Automation is taking over the world by a storm and financial services are not oblivious to it. Robotic Process Automation, where software robots perform the tasks that are generally performed by humans has been implemented by financial institutions. This helps automate various tasks such as customer onboarding, security checks, account maintenance, and so on. Automating such tasks saves costs and reduces the chance of human-based errors. A prolific technology, it will continue to grow in the future and companies are integrating it at a higher speed by hiring top dedicated developers.

Artificial Intelligence-

Artificial Intelligence has come up to become a very popular technology considering the impact it has left in the digital world. Businesses have been using AI technology to make crucial decisions and innovative applications to cater to user needs. In finance, AI has tremendous prospects when it comes to recognizing cyber-threats, marketing, making investments, and providing customer service. The technology is growing rapidly and will add new features and possibilities to its arsenal in coming times.


Finance is an important component of the economy, and with growing awareness and education, people are increasingly participating in finance these days. Ease of utility and accessibility is necessary to satisfy the growing user-base and Fintech plays an important role in this field. While the future is full of new possibilities, innovative ideas and new applications will continue to flood the Fintech market in the coming times. Raha Name Meaning

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