• Archives
  • Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Search in posts
Search in pages
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Search in posts
Search in pages
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Search in posts
Search in pages
Home Fintech

Finance And Technology: 4 Problems Fintech Will Solve In The Foreseeable Future

Contributor by Contributor
October 4, 2019
in Fintech
Share on FacebookShare on Twitter

Fintech looks to be the new buzzword, so what’s that all about?

For one, it would not even be a buzzword if it didn’t contribute anything to the financial user experience. Looking at this timeline of this trillion-dollar global industry, here are some problems it looks to tackle currently and in the nearest future.

 

1 Transaction Authentication

Today, the highest form of authentication we have on diverse payment channels is the PIN. This has long worked for mobile banking platforms, internet banking services, credit and debit cards.

However, even banking institutions know that the PIN model is flawed, leading to a step in the area of biometric automation.

This will not only help users avoid fraud but also prove a powerful asset for financial institutions in regulating and preventing cybercrimes.

 

2 Financing and Lending

Banking institutions rely on data from credit scores to make lending decisions. That is the sole metric used by many of these institutions today, making it almost impossible – if not impossible – for certain individuals to access financing and loans.

Fintech sees this as a problem, and it is working towards the implementation of platforms that will cater to such individuals. Leveraging such concepts as P2P lending and institution-backed financing, the end goal is truly in sight.

 

3 Security

Working with AI, models can be developed to see through financial transactions before they happen at all, flagging fraudulent acts and nipping them in the bud. This is a kind of ‘protection even while you sleep’ model which takes on the work of a watchdog.

Of course, this will not be the end of all security problems, but a means to an end. Thus, users will also need to be on high alert for possible fraudulent activities, take proper education against phishing attacks, ensure accounts and networks stay as encrypted as can be for improved security, and more.

 

4 Wealth Management

Quite frankly, there are a lot of wealth building, investment and portfolio management strategies out there today. In fact, banks are now increasingly hiring experts that can walk their customers through how to properly manage and grow their wealth. However, not all these plans work for everyone.

Fintech can solve that by leveraging AI and machine learning (ML) to comb through individual users’ financial history, helping to come up with the best strategies for them.

This not only supports the supply of personalized services as deserved but boosts the chances of such models working for the said consumer.

 

About the author:

Brad Smith is a technology expert at TurnOnVPN, a non-profit promoting a safe, secure, and censor-free internet. He writes about his dream for a free internet and unravels the horror behind big techs.

Related Posts:

  • Screenshot
    TymeBank is Making Banking More Affordable and…
  • OPay-Nigeria
    Opay Rebrands Its Identity Logo To Celebrate 5 Years…
  • Opay_20241129_171716_0000
    Paystack and OPay, A Powerful Partnership for…
  • fbn-corporateinformation-7
    FirstBank Unveils Advanced Facial Biometrics for…
  • image-236
    Huawei Cloud Co-Signed The Nigerian FinTech Cloud…
  • Moniepoint
    MonieWorld - The Diaspora's Way of Getting Remittances
  • sm_1693220774.285026
    Bank of Ghana Issued Eganow Operational ePayment…
  • Credit-score-ranges-icon.-Loan-rating-scale-with-levels-from-poor-to-excellent.-Fico-report-dashboard-with-arrow-isolated-on-white-background.-Financial-capacity-assessment
    Fintrak Unveils Credit Ratings Software for…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: financefinancial technologyfintechstartup
Contributor

Contributor

Posts by contributors. You can send in a post to be reviewed and published to info@techbooky.com

BROWSE BY CATEGORIES

Receive top tech news directly in your inbox

subscription from
Loading

Freshly Squeezed

  • Adobe Launches AI Foundry for Personalised Business Models October 20, 2025
  • Oura Unveils “Cumulative Stress” Feature and New Interface October 20, 2025
  • AWS DNS Outage Disrupts Internet Services October 20, 2025
  • Amazon Web Services Outage Shakes Digital Ecosystem October 20, 2025
  • Meta Previews New AI Parental Controls October 18, 2025
  • ChatGPT Mobile App Sees Drop in Usage and Downloads October 18, 2025

Browse Archives

October 2025
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
2728293031 
« Sep    

Quick Links

  • About TechBooky
  • Advertise Here
  • Contact us
  • Submit Article
  • Privacy Policy
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Search in posts
Search in pages
  • African
  • Artificial Intelligence
  • Gadgets
  • Metaverse
  • Tips
  • About TechBooky
  • Advertise Here
  • Submit Article
  • Contact us

© 2025 Designed By TechBooky Elite

Discover more from TechBooky

Subscribe now to keep reading and get access to the full archive.

Continue reading

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.