Artificial Intelligence Became Increasingly Important Among Fintech Firms, According to IT Company Fininbox

Fininbox, an established banking software-as-a-service (SaaS) provider, has identified three main Fintech trends or developments that helped shape the financial technology industry last year. According to Fininbox, the three trends are: artificial intelligence (AI) became increasingly important among Fintech firms, a large number of traditional banks adopted Fintech solutions, and blockchain-based solutions were increasingly implemented across various industries. Fininbox predicts that the Fintech industry is expected to reach over 4.5 billion active users by 2023. The market cap of the global financial technology sector is on track to grow to $310 billion through 2022, Fininbox estimates. The BaaS provider points out that AI has been helping Fintech companies by monitoring and keeping track of various financial operations to handling daily user enquiries and is projected to increase by as much as four times in the next four years.