CitiBank is a U.S. banking institute that provides its banking services across the globe. The group established a global API Developer Hub, which grants developers access to APIs across eight usage categories, such as peer-to-peer payments, money transfers to institutions, Citi rewards, and more.
The developer’s hub enables developers across different digital companies to connect to Citi via API. Some of the top brands that use this service include Qantas, which uses it for its credit card offerings. SingSaver uses it for Instant Account Verifications (IAV) with Citi cards.
The offerings under the development hub vary by country, but Citi allows account aggregation, access to transaction data, authorization, and reward information in multiple places. This application’s creation has helped Citi position itself for flexibility and more robust connections for its customers who use third-party apps.
Artificial Intelligence and Blockchain in FinTech Industry
The global FinTech market is expected to reach $309.9 billion by 2022. It is expected to grow at a compound annual growth rate (CAGR) of 22.3% from 2016 to 2022. As the FinTech technology sector grows, the use of the mobile payments market is expected to reach a value of $4.3 trillion by 2020.
FinTech app development is going to be affected by Blockchain technology. Global investments in Blockchain are expected to reach $20 billion by 2024. At the same time, Artificial intelligence (AI) is also expected to play a significant role in the FinTech industry. Global investments in AI in the financial sector are expected to reach $3.3 billion by 2024.
The adoption of IoT technologies in the financial industry is expected to increase significantly in the coming years. As a result, the global market for IoT by FinTech app development services is expected to reach a value of $19.9 billion by 2024. The Asia-Pacific region is believed to be the leading market for IoT in the financial industry, accounting for more than 35% of the global market share by 2024.
Future of FinTech: What Technologies are Influencing the Global FinTech Companies?
The global FinTech organizations are overlooking a horizon where technology will give the sector a new trajectory of growth and success. Several waves of innovation are expected to drive the future of FinTech. Some of them have been listed below –
- Blockchain and Distributed Ledger Technology
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- A product engineering services company can use Blockchain technology to revolutionize the financial industry by enabling secure, transparent, and decentralized financial transactions.
- It enables the safe transfer of monetary and other financial assets without going through a bank or financial services provider as a distributed ledger technology; Blockchain is seen as a more reliable database than their existing databases.
- Artificial Intelligence and Machine Learning
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- The usage of AI and Machine Learning in FinTech is expected to enable more efficient and personalized financial services and facilitate risk management and fraud prevention.
- With AI, a FinTech app development company can enable customer support teams to train automated digital financial assistance for interacting with customers. The time saved can be used to perform more value-adding tasks for financial services.
- Open banking and APIs
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- Open banking APIs are expected to enable third-party developers to build financial applications on top of banks’ existing infrastructure, making it easier for customers to access and manage their financial accounts.
- Open Banking provides new opportunities for FinTech companies to meet consumer requirements and find better services such as personal finance management, account comparison, and more.
- Internet of Things (IoT)
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- The integration of IoT technologies with FinTech is expected to enable the development of new financial products and services, such as smart contracts and asset tracking.
- The implementation of IoT can help FinTech organizations in the collection of data from different sources. The IoT devices can collect this data and help in its effective management. The data can be utilized for analysis and business improvements.
Conclusion
The future of FinTech is expected to be driven by several waves of innovation, including Blockchain and distributed ledger technology, artificial intelligence, machine learning, the Internet of Things (IoT), Open banking and APIs, and more.
A software product engineering company can use the technologies to enable the development of more efficient, personalized, and secure financial products and services, as well as facilitate the integration of underbanked populations into the global financial system.
If you are looking for a FinTech app development company that can meet your application development requirements, contact the expert FinTech technology developers at Tntra.