Where Can We See Fintech Development in 2021?

By: Segiy Sergienko, 8 Feb 2021
4   min read
Reading Time: 4 minutes

2020 has been a tough year for many people, from average consumers to online business owners who must pay attention to modern financial technology solutions. Since the beginning of the coronavirus pandemic, the growth of financial technologies has accelerated, and new financial technology solutions have emerged against the backdrop of colossal changes. 2020 has shown how outdated some financial technologies are and how quickly our financial habits can change. Many areas have been affected by restrictions, such as tourism.

 Difficulties and problems arose in many areas. Among them:

  • Outdated technology;
  • Regulations;
  • Safe data storing;
  • User trust and protection;
  • Termination of funding.

Many businesses have moved online, and consumers have adapted to using financial technology solutions. A lot of companies needed detailed fintech development expertise to improve sales, optimize website traffic, etc. Experts are confident that the fintech development in 2021 will provide many entrepreneurs with plenty of benefits. And the trends listed below will affect the financial web and mobile applications development the most.

Custom financial software development has become a common and popular approach in the business world. Now we can see how much-outdated models have changed in the world. Every day, fintech engineers develop a variety of options that help any business perform better and faster, as well as improve the quality of customer experience.

Financial Software Development Services in Blockchain

Blockchain allows a user, entrepreneur, or businessman to control their data and protect it from being used by third parties and organizations. Blockchain has become the mechanism of action of a revolutionary decentralized, autonomous system for exchanging digital values. 

The technology has appeared quite recently, but it is now extremely popular and has huge potential in fintech development. The main features of using this innovative technology are the ability to build a P2P system with lower commissions and a higher transaction speed.

Blockchain networks have a significant advantage that is appreciated among users. These networks enable companies to avoid violating rights and data protection laws. This automatically increases the security of the master data. If precautions are not taken during the fintech development of blockchain applications, jurisdictional problems may potentially arise.

Neobanks and Digital Banking

This field needs detailed fintech development expertise most of all. The banking sector will have to continue the digitalization of operations from the first months of 2021 to the new wave of coronavirus. The first wave of digitization focused on customers who turned to fintech companies to find convenient solutions. 

Professional fintech engineers have worked on developing many technologies, using the most modern and relevant knowledge in this industry. Why is it in demand? Now, it is much more convenient for bank customers to carry out all financial transactions without leaving home. Therefore, financial technology solutions remain in demand and significant in modern banking.

Big Data

The need to safely store and quickly process information has always remained relevant in online technologies. In 2021, financial software development services will help financial apps and websites to collect all the necessary personalized information for further interaction with the client in the most efficient manner. 

Using any data to make lending decisions will help financial apps and companies provide consumers and small businesses with the capital they need to recover. Custom financial software development also allows predicting future events or purchases and segment customers.

Cybersecurity in Financial Web and Mobile Applications Development

The value of information has become comparable to the value of raw materials. Information is of particular importance in the context of its processing using machine learning and other modern technologies. The more valuable information is to a business, the greater the need to protect it. 

Cybersecurity refers to one of the branches of information security and covers the protection of data in the networks of companies and organizations, as well as the protection of private information of individuals. Sirin Software cybersecurity specialists are trained in both higher education institutions and specialized courses.

Bottom Line

In 2020, cyber fraudsters often used the situation with the coronavirus for their purposes. Any leak of confidential information can become a problem both for clients and financial technology companies. In order not to become a victim of targeted attacks in 2021, both enterprises and users need to comply with the basic rules of “cyber hygiene”, as well as use innovative protection services. 

Financial technology companies must offer their customers complete security and privacy protection. After all, if financial apps or banks initially do not pay attention to cybersecurity and financial technology solutions, falling victims to scammers is the most probable scenario. 

Sirin Software specialists possess a huge store of knowledge and closely follow the latest trends in financial technology, software development, and other fields. Contact us to get a sturdy software product with a reinforced level of data protection.

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