The Singapore FinTech Festival 2019 is fast approaching with just under two months remaining until the week-long program, which promises to provide groundbreaking innovations to promote growth and development in the financial sector.
The third edition of the festival, held last November, had about 45,000 participants and exhibitors from all over the world. The event attracts a large number of different attendees including; executives, corporate and financial institution representatives, innovators, start-ups and investors.
This year’s festival will feature a host of events ranging from The Global FinTech Accelerator Demo Day to conferences, exhibitions and an awards ceremony.
As this will be the fourth year of the festival, some trends have become obvious mainstays, with new trends emerging each year too. We take a look at the top five trends we expect to see this year below.
Adoption of cloud and quantum computing
Traditional banks and financial institutions have resisted the advent of cloud and quantum computing until now, with a growing need to become dependable and safe. We anticipate that there will be an adoption of cloud-based solutions that allow banks to provide visibility and transparency in all data and transactions.
More banks will be sure to follow, once they discover the potential these emerging technologies have to transform the financial services industry and drive organisational efficiencies.
Collaboration creates powerful and intense results. We expect a rise in the number of digital collaborations as companies look to build relationships and partnerships with startups and emerging financial businesses.
Recently, banks have been struggling with disruptions to the customer experience as the information technology systems they have in place are becoming outdated. Thus, we expect larger companies to collaborate with FinTechs and third-party solutions to ensure a smooth and enjoyable experience for their customers.
Blockchain is a digitally distributed ledger in which a record of transactions can be made. Blockchain was created to make banking a more consistent and effective experience for customers and banks alike.
Blockchain companies have access to decentralised networks to share safe, unmodified information. Data breaches or fallouts can be minimised by using blockchain technology, as it is resistant to modification of data due to the open nature of the technology. Blockchain use can also be used in the structure and mechanism of cross border payments.
Artificial intelligence (AI) has disrupted the entire technology space, including financial operations and technologies that drive efficient productivity in Financial institutions.
AI has the ability to recognise patterns in a plethora of data, which could potentially lead to vital and profound knowledge that was previously unnoticed. Attention on AI is certainly on the rise, and at this year’s festival, we expect there to be many companies that improve the understanding and use of AI in the financial services industry.
The application of AI in FinTech services include investments, capital market operations, fraud prevention and money laundering eradication, predictive analysis, claims processing and customer services.
Introduction of successful companies and start-ups
The Singapore FinTech Festival provides a platform to connect and collaborate with both corporates and FinTech start-ups. One of the companies you will be able to meet there is Finty, a rewards-based financial marketplace that helps Singaporean users turn financial decision making into an easy, pleasant and straightforward experience.
Finty offers revenue sharing using financial remuneration and determination of monetary value rewards for customers after application for a variety of credit cards and personal loans from bank partners and financial institutions.
Without any doubt, the Singapore FinTech festival 2019 will set the stage for mind-blowing Innovations in the financial world for the coming year, and for years to come.