How Do Blockchain and Modern Technology Reform the Field of FINTECH?

by Ekaterina
Blockchain in everyday life

Every day modern financial technologies are increasingly involving into our daily lives. Contactless payments, biometric identification, trading bots are only a small and the most well-known part of what we use today thanks to the development of the FINTECH industry. Today we will talk about the most modern technologies in this industry and what impact they have on it as a whole.


Speaking about the FINTECH industry, it is simply impossible not to mention blockchain technology, because nowadays it is a long-term trend with a real prospect of becoming the determining one in the industry. And although until recently blockchain was associated exclusively with cryptocurrencies, today we can see examples of the integration of this technology in all spheres of activity that need transparency, security and the ability to control the conclusion of transactions. According to experts, in the future, the blockchain will increasingly adapt to the real world: it will become cheaper, faster and more efficient.

Artificial intelligence

It is actively used in the FINTECH industry together with related technologies. It is the use of artificial intelligence that is the key trend in the development of this industry today. It can be used to process large amounts of data and develop solutions based on their analysis. Developers create new products using neural networks, machine learning, natural language processing, and other technologies. So there are a variety of online consultants, services, recommendations, shopping bots. 

Among the most striking examples of the implementation of artificial intelligence in the financial sector can be identified trading bot Bitcoin, which automatically carries out transactions on cryptocurrency exchanges based on the analysis of market conditions and allows users to earn without their personal participation. Web assistant Ninaa from Swedbank, chatbots Eno from Capital One and Erica from Bank of America – also very useful services with artificial intelligence. Already there are humanoid robots, e.g., robot Pepper in EmiratesNBD. It can recognize voice commands and conduct a dialogue with the client on its own. Russian banks also have their own virtual assistants — for example, a chatbot for entrepreneurs in Tinkoff Bank.

In the future, artificial intelligence will be actively used by brokers, consulting companies, insurance services and services for personal Finance management. 


The creation of marketplaces and ecosystems is multi-platform products for a variety of tasks – another popular trend in the financial industry. Today, competition is giving way to cooperation, and competing companies are increasingly inclined to create joint projects. As part of these projects, they develop their own financial services and partnership programs. This marketplace allows users to perform all the necessary actions within a single site.

Internet of things

The Internet of things is actively gaining momentum in the financial industry. Today, developers have already managed to connect the Internet of things with contactless payment technologies – if you want, you can easily pay with your smartphone or smart watch. The ability to carry out such transactions from any device will soon be able to displace Bank cards from the market. 


Banks and companies are constantly striving to improve their security systems, while hackers improve their methods of attack and learn new ones. Security requires new solutions, that is why most financial institutions choose artificial intelligence: neural networks can record a hacking attempt and help track down the implementation of suspicious transactions, preventing possible attacks.

Automatic transfers and payments

Thanks to the use of artificial intelligence, it became possible to carry out many automatic actions in the financial sphere – money transfer, payment of bills, analysis of reports, filling out documents, etc. In the near future we should expect the emergence of new services that will be able to take on even more routine functions.

Biometric identification

One of the main problems of the modern financial industry is the need for the personal presence of a person to receive certain services. To solve this problem, technologies are actively used to recognize facial features, identify voice and scan fingerprints. Financial regulators have developed projects of services that allow remote identification.


For the modern user of financial services, the possibility of instant transfers and user-friendly interface are not everything they want. They want to get a service of personalized offers. According to experts’ forecasts, financial companies and banks will pay more attention to customization in the near future. Thus, based on the data on the client’s expenses, the virtual assistant will be able to make personal recommendations for his financial management. The trading bot will be able to make transactions on the cryptocurrency exchange without the user’s participation but in accordance with his preferences.

Regtech and SupTech Technologies

RegTech technologies are technologies that help companies meet the requirements of various regulators. SupTech – Supervisory technologies that use new methods to improve the financial market control system (machine learning, big data, cloud technologies).

Banking and financial technology

In today’s financial market, the development of new technologies has ceased to be a lot of startups. Today, banks have all the financial and human resources and actively invest in their own developments in the financial sector in order to take a leading position in this market.

It is quite difficult to make forecasts about the development of the financial industry, since here a lot depends on the normative regulation of this sphere. However, it is obvious that the key areas of its further development will be neural networks and artificial intelligence. In the near future, market conditions will reveal really effective platforms and directions and discard useless ones.

Nikita Radionov, 

Director for work with clients of the investment platform

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