Innovations in the fintech industry. What the future holds for us?

Innovations in the fintech industry. What the future holds for us?
Kamil GrzejekLipiec, 2022

Innovations in the fintech industry. What the future holds for us?

Technology has changed the rules of the game in the financial services industry. Fintech innovations are being introduced that make it easier for customers to interact with the bank. As a result, handling their own money is becoming simpler and more accessible.

The development of fintech has led to the creation of new jobs in the financial services industry. For example: data analysis and software development departments have grown significantly.

What are the most important areas of innovation in the fintech industry?

Process automation

Automation is one of the most important trends in financial services. Fintech is automating customer onboarding, KYC, account opening, and product management.

Automation software works best in the context of routine tasks that are time-consuming and repetitive. It saves employees time and helps them focus on more important tasks.

Chatbots and virtual assistants

Chatbots are the future of customer service. They are able to efficiently answer questions and provide information. They are a fast tool that resolve customer-reported inquiries in a fraction of a second. What's more, chatbots can also be used as a marketing tool to promote products and services.

Virtual assistants are gaining popularity in the financial services industry. They are used to help customers with their banking needs, such as opening an account, moving funds, or paying bills. Some companies use them to answer the most common questions. This allows customer service to spend more time solving more complicated tasks. Others use them for marketing purposes – for example, sending marketing emails or automating the process of calling potential customers.

Artificial intelligence

Artificial intelligence, or rather at this stage neural networks and machine learning, is increasingly boldly taking over more aspects of our lives. The ability of programs to imitate and interpret human behavior will revolutionize fintech. With these technologies, the transition to a modern way of handling all financial processes will become seamless and accessible to all.


Technology is getting better and better at understanding human behavior. There are already bots that handle investments. The ability to dynamically analyze huge amounts of data combined with emotionless decision-making can achieve good results. In the future, automatons will increasingly begin to take the place of investors.

Customer experience

There is a growing percentage of customers who prefer to handle financial matters without human contact. However, there are still questions and new cases that need to be solved. What if support could be provided by a virtual helper that perfectly imitates human behavior? It knows the answer to every question and suggests solutions in a flash? This is one vision of using AI to improve customer experience.

In the future, entire services and the way they are delivered will be designed using AI. With it, simulations will take place to better embed the service in the market and match the best audience.

Fraud detections

Technology is already supporting companies in detecting financial fraud. With its efficiency and advanced analytical algorithms, artificial intelligence enhances security and simplifies financial operations.

By analyzing large portions of data, it is possible to search for trends that indicate fraud. As a result, any violation can be detected in real time. The program can alert you to suspected fraud, block a transaction, and force the need for additional confirmation.

Predictive analytics

Already today, some banks are experimenting with monitoring systems that regularly scan data for lead generation. This allows them to quickly identify cross-selling and upselling opportunities. In the future, this technology will allow the implementation of mechanisms to support customer retention and customer relationship management.


The decentralized blockchain registry allows the bank's full transaction history to be stored in dozens, if not hundreds of computers. Access to this data can be fully controlled by replicating a trail of banking activity that is impossible to delete or change. 

Blockchain is reimagining many of the core tasks of finance and banking employees. These range from record keeping and digital security to currency, debt, and capital management. Although the technology has been around for a good few years, banks are just beginning to see its benefits.

Peer-to-peer (P2P) transactions

Peer-to-peer (P2P) transactions are the electronic transfer of money between network users. It is a fast and secure alternative to traditional bank transfers. The popularization of P2P transactions came with the proliferation of PayPal and the increased capabilities of smartphones.

Today, the payments sector is undergoing another revolution. Cryptocurrencies and blockchain technology have brought P2P payments into the era of decentralization. This makes them cheaper, faster, safer, and easier to use.

What innovations await us in the fintech industry?

The electronic payments market will become even more accessible to users. Thanks to new technologies like blockchain, transactions will become even more secure. Banks and financial companies for that will achieve process optimization at a level previously unimaginable. All this is already in the near future. 


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