When it comes to technological development strictly covered from a business perspective, it’s quite easy to state how financial technology (Fintech) as a whole is the easiest sector to cover in order to deeply understand how certain features, applications or pieces of software are impacting an entire business realm. Of course, some general trends are definitely translated into this specific niche too, like Machine Learning, Deep Learning and AI. Let’s analyse what are the main technology-related development trends in fintech.
Machine Learning And Big Data
From within the financial sector, big data acquisition has lately become a massive trend. First and foremost because of the fact that fintech as a whole wants to apply faster, better-performing services to a generic financial architecture: the application, to simply, of big data gathering-related features has definitely helped in picking all those parameters required in order to greenlight a loan, a mortgage or any form of finance, really. The UK, which has been recently elected as the European powerhouse for what concerns finance technology, has seen a significant rise in big data applications in real estate-related sectors, ranging from mortgages (as said above) but also in commercial bridge finance.
A Very Much Front-End Related Matter
In order to understand the power of such technology and its related applications, it’s important to analyse its implementations in the current web development industry, as these are tools generally applied to online portals and, therefore, a clear picture can be defined by looking at its backend (but really, front-end) development. In 2018, the requirement for front-end developers with Python experience grew by 45%, and analysts have stated how impactful their figures were within the fintech niche, confirming the fact that the future of such job sector will definitely be tunnel visioned towards machine learning.
Is This Still A Startup Thing?
Not really, no. Fintech in 2016 was described as a microcosmos with no real future development chances, but, instead, companies like Santander started to actively invest in startups which were developing tools based on the Blockchain, leading to the creation of their first fully Blockchain-based division in the UK. So technically, yes: it was a startup thing but right now fintech-related development and technological trends are applied to banks and triple-A companies worldwide. This, although generally covered from a strictly business-analytical point of view has stated a massive point for what concerns future development trends within this niche: small startups are very likely to shape the industry standards for what concerns this particular business realm.
Paul Matthews is a Manchester based business and tech writer who writes in order to better inform business owners on how to run a successful business. You can usually find him at the local library or browsing Forbes’ latest pieces.