Financial Technology with its unprecedented changes has altered the rules of the game in the financial industry. Those who will be unable to adapt themselves to the changing environment will fall by the wayside. All the potential new solutions vying for legitimacy showcase their speed with which they perform. For all this to happen it is important that there are the right structures in place that have the capacity to deliver on the potential of new solutions. For this to materialize high-speed networks, open-source software and quantum computing are vital.
In the financial world the key to success is to not only to transfer data as quickly as possible but also transferring information in a secure way not compromising on the integrity of data. It is a fine balancing act where there is a need for speed of transactions along with ensuring that each transaction can be traced as well. For this fintech firms would have to ensure that not only any latency issues are reduced between the time a transaction is made and the time it is registered on the other end but also ensure that unpredictable high loads on servers are kept to a minimum.
The world of fintech is becoming increasingly a source of some open-source software that encourages greater innovation with fintech firms being able to adapt their own tweaked version of a software or API.
Mobile adoption is rapidly changing the way payments are made. Forcing the banks to bring in contact-less options with debit cards, allowing users to utilize users a quick and easy way of processing payments.
Online need to make payments is also changing our available options. The likes of PayPal introduced secure ways of making payments online. Now MasterCard allows the option to pay via selfies and fingerprints. For microfinance payments intermediaries with an over-arching legal framework have stepped in where the banks deemed it less profitable.
Quantum Computing promises fintech firms immense power in applying analytical algorithms that can dramatically improve the processing power of the fintech firms allowing them to ensure secure and faster processing than ever before.