Innovations Behind FinTech Growth

Numerous innovations have catalyzed fast growth in FinTech and made financial services not just much more secure but efficient and accessible. The most notable innovations include:
Blockchain Technology
Blockchain technology, in the form of a decentralized, transparent, and secure mode, unlocked the horizon for peer-to-peer transactions, cryptocurrency, and smart contracts.

This included analytics in AI and ML algorithms when massive amounts of data are used while doing the predictive analysis, to recognize fraud and personalize finance advice, and optimize their investment and strategy.
Biometrics and Authentication: The methods by which FinTech applications now enable authentication of biometrics through facial recognition and voice recognition increase the safety.
Smart Contracts: A smart contract refers to the self-executing contract whose terms are coded into lines of code and executed through a blockchain-based automatic process which eliminates intermediaries in carrying out transactions.