{"id":376,"date":"2021-03-26T06:55:03","date_gmt":"2021-03-26T06:55:03","guid":{"rendered":"https:\/\/www.sagaratechnology.com\/blog\/?p=376"},"modified":"2023-03-24T09:58:12","modified_gmt":"2023-03-24T09:58:12","slug":"predicted-development-of-fintech-trend-in-2021","status":"publish","type":"post","link":"https:\/\/sagaratechnology.com\/blog\/predicted-development-of-fintech-trend-in-2021\/","title":{"rendered":"Predicted Development of FinTech Trend in 2021"},"content":{"rendered":"\n<figure class=\"wp-block-pullquote\"><blockquote><p>FinTech in Indonesia<\/p><\/blockquote><\/figure>\n\n\n\n<p>FinTech or Financial Technology is a term used to describe financial technology. While understanding of FinTech according to Otoritas Jasa Keuangan (OJK) is an innovation in the financial services industry that utilizing of technology. <\/p>\n\n\n\n<p>Basically, FinTech is used to help companies, business owners, and consumers to manage their finances better by utilizing digital technology. Some examples of services are provided such as crowdfunding platforms, mobile payments or m-banking, budgeting apps, and many more.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e3696d85750\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e3696d85750\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/sagaratechnology.com\/blog\/predicted-development-of-fintech-trend-in-2021\/#Use_of_RPA_Robotic_Process_Automation\" >Use of RPA (Robotic Process Automation)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/sagaratechnology.com\/blog\/predicted-development-of-fintech-trend-in-2021\/#Digital-only_banks_of_Financial_Technology\" >Digital-only banks of Financial Technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/sagaratechnology.com\/blog\/predicted-development-of-fintech-trend-in-2021\/#Using_Artificial_Intelligence_for_Financial_Technology\" >Using Artificial Intelligence for Financial Technology<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/sagaratechnology.com\/blog\/predicted-development-of-fintech-trend-in-2021\/#Cyber_Security_System_Enhancements\" >Cyber Security System Enhancements<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Use_of_RPA_Robotic_Process_Automation\"><\/span><strong>Use of RPA (Robotic Process Automation)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RPA (Robotic Process Automation) can be defined as a technology that utilizes a system to automate tasks normally performed by humans. This technology combines robotic automation with artificial intelligence (AI) to handle repeatable tasks. By using this technology, a company can save money and improve the efficiency of work.<\/p>\n\n\n\n<p>By 2021, it is expect that more companies or financial institutions will adopt the technology. The tasks that can be done by this system are quite diverse such as helping the process of opening or closing accounts, managing audit requests, assisting the insurance claim process, and others. <\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Digital-only_banks_of_Financial_Technology\"><\/span><strong>Digital-only banks<\/strong> of Financial Technology<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The next development of FinTech is the increasing number of digital-only banks. This service is quite wide found in Indonesia. Examples include Jenius, Digibank, and TMRW Digital Bank. Today, digital-only banks are becoming one of the popular trends in the FinTech world. The bank will provide all its banking facilities online without having to provide branches or physical offices so that customers do not have to queue and provide various documents to open savings accounts. <\/p>\n\n\n\n<p>With a digital-only bank, customers only need a PC or smartphone connected to an internet connection to manage their finances. When compared to conventional banks, this digital bank has several advantages, namely: much more flexible usually offers innovative services at a much lower price more practically used for online transactions have many interesting features Because it is provided digitally, then this bank will provide good security in its system. Usually, they will use 2 factors authentication and a fingerprint sensor in the system.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Using_Artificial_Intelligence_for_Financial_Technology\"><\/span><strong>Using Artificial Intelligence<\/strong> for Financial Technology<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There will be more banks or financial companies that will use Artificial Intelligence (AI) in their companies. In the financial industry, AI can be use to check cash accounts, credit accounts, investment accounts to see one&#8217;s overall financial health, and much more. In addition, AI technology can also help detect cyberattacks by identifying fraud as well as financial threats. With these capabilities, the use of AI is believe to reduce operational costs so that companies can save more on expenses.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Cyber_Security_System_Enhancements\"><\/span><strong>Cyber Security System Enhancements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Maybe you&#8217;ve heard of several cases of hacking that caused data leaks on digital banking platforms in Indonesia. The threat of cyberattacks can occur on a daily basis to exploit vulnerabilities that exist in developed technologies. That is why improving web or application security systems will always be the concern and priority of companies that provide Fin-tech services. <\/p>\n\n\n\n<p>To improve the security system within their platform, companies must implement various security protocols, one way is to use biometric security. Biometric security is a device use to capture biometrics for verification of a user&#8217;s identity. Technology is expect to start to be widely used in Fin-tech companies. <\/p>\n\n\n\n<p>In addition, Fin-tech companies also need to increase the security awareness of their users so that they avoid social engineering attacks. The system developed must also have good security. Otherwise, hackers can exploit existing vulnerabilities to steal sensitive data on them. The development of Fin-tech that occurs today is very easy for its users. The use of increasingly sophisticated features and technologies will make consumers feel comfortable and safe when using digital financial services.<\/p>\n\n\n\n<p>Develop a website or mobile application with an online payment system in it, you can entrust it to <a href=\"https:\/\/www.sagaratechnology.com\">Sagara Technology.<\/a> We have a team of professionals who will help the company to develop a safe and convenient system.<\/p>\n\n\n\n<p>Read also more <a href=\"https:\/\/sagaratechnology.com\/blog\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sagara&#8217;s article here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FinTech in Indonesia FinTech or Financial Technology is a term used to describe financial technology. While understanding of FinTech according to Otoritas Jasa Keuangan (OJK) is an innovation in the financial services industry that utilizing of technology. Basically, FinTech is used to help companies, business owners, and consumers to manage their finances better by utilizing&#8230;<\/p>\n","protected":false},"author":14,"featured_media":408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8,1],"tags":[100,98,99,101,106],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Predicted Development of FinTech Trend in 2021 -<\/title>\n<meta name=\"description\" content=\"By 2021, it is expected that more companies or financial institutions will adopt the technology. 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