4 Top Technologies That Fintech Leaders Must Prioritise in 2023


4 Top Technologies That Fintech Leaders Must Prioritise in 2023

The fintech industry continues to witness technological disruption like never before. Apart from cutthroat competition spurring innovation, events li

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The fintech industry continues to witness technological disruption like never before. Apart from cutthroat competition spurring innovation, events like the COVID-19 pandemic were catalysts that brought out the best in fintech leaders. Since then, many NBFCs (or fintech institutions) have adopted a proactive stance on innovation and its adoption. In fact, top fintech leaders are now slowly pivoting their areas of expertise. Many, like Sanjiv Bajaj, a famous changemaker in India, are top business strategists developing solutions for tomorrow’s customers.

Chairman and Managing Director of Bajaj Finserv, Sanjiv Bajaj, is among the top famous businessmen. In leveraging fintech, he’s paved the way for holistic growth and development of all involved. “I believe there is a greater opportunity for the incumbent to leapfrog on the back of these technology advantages of start-ups by way of collaboration in new ways and build a new avatar of lending, insurance, and investments,” says the visionary leader when discussing the emergence of technology-driven solutions.

But to tap into the potential, executives need to focus on the right technologies. With the rapid pace of change, pinpointing these is no easy task. Read on to shed light on a few technologies worth noting in the fintech space.

1. RegTech: The key to compliant and regulated finance 

RegTech stands for regulatory technology, and its core function is to enable compliance with complex regulations. As such, fintech leaders must have the tools to adapt or face the sting of noncompliance. RegTech is innovative in that it consists of automated solutions that regulate the reporting and monitoring of compliance. As such, it steers organisations clear of the penalties and losses that do result from noncompliance.

Fintech leaders need to prioritise regulatory technology as it is among the ways to ensure compliance gets treated as a priority. Moreover, it minimises human error, saving on costs that could arise from this vulnerability. Effective compliance also ensures that customers can transact on systems that safeguard their precious data. 

2. OmniChannel Payment: The way to elevate the customer experience

Top business strategists look for ways to improve the customer experience while working towards organisational growth. As such, it won’t be long before top fintech leaders tap into the OmniChannel payment systems. These are streamlined payment collections that benefit both the customer and the company. It is a platform that offers customers multiple payment methods – cards, wallets, net banking, and more, personalised to their preferences. 

The goal here is to allow for a smooth checkout process and improve the customer experience. In doing so, the company can increase their conversion rates and revenue earned. 

3. Voice-based payment systems: The next step in payment solutions

Voice-based technology is the future and a core part of the payments 4.0 era. With customers already familiar with voice technology and digital payments, voice-based payments are the next step up. Its main lure lies in simplicity. With just a voice command, users can complete payments and within seconds. 

The applications are vast, and these systems will have a massive role in driving the last-mile success of financial services, especially in rural areas of the population. Given the advantages that a voice-based payment system offers, top business strategists will look to adopt them into the existing infrastructure. 

4. Virtual cards: The approach to enhanced efficiency and customer satisfaction

In the era of digital security, virtual cards are primed to be the go-to choice. Simply put, it is a virtual money card and doesn’t exist in the physical form. Designed for single use only and a set amount, virtual cards are a great deterrent against fraud since attackers can’t get their hands on sensitive information. 

Fintech leaders across countries have already deployed such solutions, with B2B transactions leading the charge by 80% in terms of value. In fact, the virtual card industry is expected to witness a CAGR of 22% by 2025. 

While the primary benefit is protecting and securing confidential information, other advantages include cost savings and increased productivity. Since the cards are virtual, physical cards are no longer needed. Moreover, it minimises processing time and improves conversions, especially when integrated with solutions such as BNPL. 

To deliver a more inclusive, customer-focused approach, these technologies are truly primed for disruption. The modern consumer is getting smarter and better integrated with technology and expects simple sophistication at every turn. Fintech is poised to deliver on all these asks, and there’s no doubt that the top fintech leaders of India will continue to make a difference in the country and on a global scale. 

An exemplification of this is Sanjiv Bajaj, who has embraced technology in his pursuit to deliver a customer-first approach. His leadership drives innovation, and as a famous changemaker in India, he inspires the generations that follow.