Fintech or Financial Technology has helped people in many ways, it aims to compete with traditional financial methods in the conveyance of financial services. Let’s look at some of the fintech predictions for 2021!
Fintech predictions for 2021!
-Central Banking Digital Currency (CBDC)
It has been predicted that people will skip traditional banking methods as governments will be issuing Digital Currency in an effort to collect digital data about their people and get rid of difficulties like tracking paper cash.
It is predicted for the year 2021 that all massive data will be collected through Apple or Amazon. The data will then be stored and analysed to offer the customers all sorts of financial products which may help you in travelling or even babysitter subscriptions.
-5g and LiDAR
It also has been predicted that 5g and Light Detection and Ranging will take over the market and will be used in the improvement of online datasets and financing purposes. Small businesses might also have devices that can monitor foot traffic for detection of fraud purposes.
Companies that can figure out how to deliver energy will be dominant in the banking and finance department as they will be able to provide services for over 1 billion people!
It has been predicted that Retail Banking will be taken over by CBDC as people will be able to use digital currency and get over ATMs and physical bank branches.
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