A recent study by Tribe Payments revealed that emerging technology, such as artificial intelligence, will grow within the fintech sector in the next five years.
Indeed, it was found out that 67% of fintechs believe AI will have the biggest impact on the sector as they have the potential to keep leading on AI. Besides, 90% of fintechs are currently using APIs, which are expected to have great importance in the next year as well.
There is a significant growth in the usage of APIs powered by open banking, as well as a rise in blockchain technology, which is more used for privacy and confidentiality. Companies implementing these technologies will be able to process data better and offer more data security to users.
The study showed that the impact of low code will depend on the attitude of fintechs towards development. As low code is being adopted across financial services, it is becoming a vital component for the development of businesses so they can stay ahead of the competition.
On the other hand, edge computing is still only understood by a small number of enterprises. The study reported that edge computing should be a part of the tools so as to allow fintechs to evolve and innovate.