While Bitcoin and the rest of its cryptocurrency cohorts have dominated the headlines and inspired millions of words in digital and physical ink, there are a host of fintech applications and industry subsections that have remained outside the spotlight. Those applications will see increased adoption over the next few years and solidify the notion that fintech is here to stay.
Fintech is transforming the financial services industry, and will continue to do so as the industry makes the shift to fostering innovation. Fintech products improve the ease with which people can make cross border remittances, increase the number of data points used to make loan decisions, automate regulatory functions, and more.
The breadth of fintech project types has expanded greatly over the past few years, with innovation in multiple fintech subcategories driving adoption in sectors such as insurance and regulation. Insurance technology, a branch of fintech, has seen machine learning applications automate internal processes and claim processing.