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24 HARTFORDBUSINESS.COM | SEPTEMBER 2, 2024 © 2023 Cox Communications, Inc. All rights reserved. PAD108710-0006 coxbusiness.com You have what it takes. And we know what IT takes—from high-speed Internet to managed cloud options. No one crushes crunch time like you © 2023 Cox Communications, Inc. All rights reserved. PAD108710-0006 coxbusiness.com You have what it takes. And we know what IT takes—from high-speed Internet to managed cloud options. No one crushes crunch time like you W ill advancements in fi- nancial technology help your company navi- gate risks while cutting costs? From the services you use to the ones you provide, these cutting edge fintech trends may change the way you do business. As chatbots move to mainstream and digital-only banks make waves, regulatory requirements, and cus- tomer expectations fuel innovation. The need for speed, security, and convenience are well-known but difficult to implement in the financial sector. However, this is changing as more organizations invest in tech- nologies that give them an edge in the market. Plus, an increase in venture capital (VC) funding for fintech startups is spurring a new wave of services. According to PwC, "global invest- ments in fintech have more than tripled since 2014 to over $12 bil- lion" with no signs of slowing down. The funding combined with industry pressure will advance tech adoption more rapidly than in previous years. Discover three fintech trends that'll help your company save money while meeting customer expectations. 2 New Benefits from Cryptocurrency And Blockchain Innovations The move towards blockchain's use in financial institutions has been slow but is still a very important fintech trend. However, a Greenwich report 1 Mobile Payment Options Go Mainstream According to G2 Crowd, "the world- wide volume of mobile payments will grow by 60% over the next two years." Mobile banking puts control into the customer's hands while breaking down barriers to access. However, this fintech trend covers a range of payment op- tions, including virtual currency and blockchain. The fintech Times calls these technologies an "Internet of Payments," and all of these choic- es change how consumers view mobile banking and fund transfers. finds, "The financial services indus- try currently spends $1.7 billion each year on blockchain tech- nology." Blockchain investments aren't expected to slow. Data from PwC shows, "77% of offi- cials in top management positions expect to adopt blockchain as part of a production system or process by 2020." 3 Increase In Dependence on Intelligent Technologies From traditional establishments testing robo advisors to advanced algorithms assessing credit profiles, we'll see companies expand their use of intelligent technologies. The mixture of artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) pro- vides multiple benefits to those in the financial industry. Technologies that deliver, manage and analyze data help financial services reduce the time and cost associated with workflows. As use grows, custom- ers expect conventional institutions to keep up with the pace. Fintech Trends Speed Up Adoption of Tech Although in the past, the financial industry evolved slower, business organizations are moving more rapidly towards agile workflows and systems. This stems from a need to adapt for changes in consumer be- havior and regulations while facing threats from non-traditional compe- tition. In the World Retail Banking Report by Capgemini and Efma, "….bank executives said non-bank- ing players are affecting the financial service (FS) value chain across all lines of business." Delivering what customers want requires a total digital transformation in the industry. Going forward, con- sumers benefit from improved user experience. However, the rapid pace of fintech innovations means more institutions can realize advantages, like cost savings, sooner than later. Can Cox Business help transform your financial institution? Con- tact us today to find out how we can help. Visit cox.com/business/ home.html to learn more. By Ross Nelson Market Vice President for Cox Communication's Northeast region. Contact Ross via Ross.Nelson@cox.com Learn more by visiting our website 3 Fintech Trends You Should Be Watching