Artificial Intelligence is quickly becoming an integral part of banking technology. That should come as no surprise for an industry where extracting relevant information from a wealth of available data is especially important. But AI does much more than that and is being deployed for a variety of purposes, including analysis and fraud detection, trading, and customer service.

We’re excited to announce that on 13th April Netguru is organizing another Disruption Forum, this time we will focus on Fintech. If you care about the future of the financial industry as much as we do, then this free-to-attend event is something you can’t miss.

The COVID-19 pandemic has had a major impact on every industry, and fintech is no exception. With many non-essential businesses unable to operate their brick-and-mortar outlets for months, an unprecedented number of consumers started going online for everything from grocery shopping and paying their bills to visiting museums and attending concerts.  In order to survive, businesses of all types had no choice but to meet their customers’ needs online, which is where fintech comes into play. With increasing competition, fintech companies must constantly evolve and innovate to stay competitive.  So what challenges and trends do fintech industry leaders expect to see this year? We decided to ask them. Read the answers below.

It’s estimated that financial consumers transfer more than $10 trillion around the world every year—and pay roughly $200 billion in bank fees for the privilege of doing so.

As one of the first startups to challenge the dominance of Britain’s high-street banks, Monzo bet big on mobile banking.

Fintech has become an indispensable part of almost any customer-related process in the financial industry. And the subsequent wave of transformation that it has sparked shows no signs of stopping.

Solarisbank is a Berlin-based fintech company that provides a Banking-as-a-Service platform, enabling companies to offer financial services without having to go through the process of obtaining their own banking license. Netguru has been working with Solarisbank on backend development.

3 out of 4 consumers worldwide use at least one fintech platform for payments and money transfers. Almost half of consumers worldwide use an insurance fintech platform. And 88% of global finance leaders are afraid of losing business as a result of technological change. 

Nowadays, with limited movement and a possible extension of the pandemic, people tend to search for remote solutions such as ordering groceries or online medical consultations. In the banking industry, some basic actions have been known for quite some time. We have been able to make transfers or check our account balance for many years now. Nevertheless, convenient online loans were and still are limited and they still require extensive paperwork.

The use of machine learning in fintech is growing. You’ve likely noticed an increasing number of companies using it to provide personalized services, transform customer experience, or improve fraud detection.

Even if you’re just a casual follower of the fintech space, you’ve probably noticed that, historically, most fintech startups don’t go public.

The fragmentation of the industry, dealing with legacy systems, and rethinking risk management – these are but a few of the issues that the banking industry needs to confront if it wants to go through a successful digital transformation. The consequences of a rapidly changing financial landscape impact banking entities of all kinds. Traditional banks need to innovate more dynamically to compete with fintech startups. Meanwhile, startups encounter hurdles to their further development, such as regulations that don’t allow for the implementation of the most innovative solutions, especially the ones involving AI and big data.

The COVID-19 economic storm hit all industries, and fintech was no exception. Yet the impact on financial companies differed by the segment of the market they operated in and the solutions they offered.

The data-driven approach is an inseparable part of every successful business. Companies operating in the fintech industry are no different. What's more, a few organizations from this sector have mastered the art of continuously validating and improving all business-related ideas. All their decisions are based on a solid analytical approach instead of trusting guesswork.

Fintech response to COVID-19 When COVID-19 was declared a pandemic in March, it created mass uncertainty for both individuals and the market. Unemployment was on the rise and the stock market was declining. Fintechs, however, were able to leverage their existing skills and assets to assist businesses who struggled with financial liquidity during the crisis.

A mobile bank, a company fighting for ownership of your data as a human right, a pan-European online marketplace for savings and investments, and a drone insurance startup - we present the 10 hottest fintechs from Berlin right now.

From stock market swings and billions wiped off of the airlines, hotels, transportation revenues to drug, soap or iPhone replacement shortages – the coronavirus outbreak is taking its toll on many business aspects of life.  

Common in applications that range from risk management to cryptocurrencies, Python has become one of the most popular programming languages for Fintech Companies. Its simplicity and robust modeling capabilities make it an excellent tool for researchers, analysts, and traders.

An investing robo-advisor managing $15bn in assets, a challenger bank for teens, and a credit card without any fees accessible to people without a credit history - we present the 11 hottest fintech companies from NYC right now. New York City isn’t the greatest city in the world for Jeff Bezos, but it definitely is for a vast array of fintech companies that run their operations in the Big Apple. Close proximity to one of the most important stock markets on Earth definitely makes New York City a prime location for them. 

Behind any product, business strategy, or excellent idea, stand people - founders, C-level executives, high- and mid-level managers, or experts. Every once in a while, we invite them to share their challenges in Netguru’s format: “Three Things That Keep Me Up At Night”.