25 Jul 2022 Admin

Web 3.0 and You – What it means for upcoming Fintech?

global FinTech evolution | TRC Corporate Consulting

Over time, the global FinTech evolution wave underwent a significant transformation to become a scorching opportunity on Wall Street and in Silicon Valley. The potential of FinTech has grown from version 1.0 to version 3.0, forcing existing banking institutions and financial service providers to take a radical new direction that ushers in a new era of the digital world. Web 3.0, fueled by technologies like artificial intelligence and machine learning and prompted by the huge changes to the World Wide Web, reshaped the financial services industry and operating model generally and decentralized it.

The first two waves accelerated the development of FinTech 3.0 and expanded the use of machine learning (ML) and artificial intelligence (AI), allowing for the flourishing of intelligent and autonomous processes. The evolution of the Web was essential in the development and advancement of the new wave of innovation, which was fueled by numerous secular influences. By democratizing access to information, Web 1.0, the first phase of the development of the World Wide Web, allowed people to share information internationally in a static manner. Following the collapse of the dotcom boom, Web 2.0 revolutionized the digital age and placed an emphasis on social networking, user-generated content, and cloud computing, giving rise to social networks like LinkedIn, Facebook, Twitter, Instagram, and many more.

 Web 3.0, commonly referred to as the decentralized web, is a hypothetical future in which computers and technology will provide pertinent and valuable insights through the intelligent interpretation of data and transactions. The cornerstone of how businesses are delivering goods and services to the next generation of unicorns must be built on the Web 3.0 revolution, which is required by the new cashless and virtual economy in FinTech 3.0.

 

Web 3.0's advantages for the fintech sector include: 

The third generation of internet services will transform how people, companies, and regulatory bodies plan to cooperate, enabling a more connected and smarter world for the financial services sector. The following are the main advantages of the convergence between Web 3.0 and our new decentralized operating model:

TRUSTWORTHINESS  

Users will benefit from an easier and more user-friendly onboarding experience using Web 3.0. Web 3.0 will guarantee that end users always have full ownership and control over their online data by employing decentralized networks. By removing the security concerns associated with retaining any data, every single evolution of the Web from this point on will guarantee further more reliability for the enterprises.

REACHABILITY  

The ability for users to access information as much as possible from anywhere in the world is one of Web 3.0's most important advantages. It will enable companies engaged in loan origination and servicing, BNPL (buy now pay later), and other operations to easily access information about the amount of money that is currently accessible in an account or information that verifies a person's identification.

A BETTER CLIENT JOURNEY 

FinTech companies will be better equipped to comprehend the changing demands and expectations of their clients thanks to Web 3.0. Businesses can automate procedures to undertake customer journey mapping and allocate resources more effectively with the help of Web 3.0's list of contributing technologies in order to better satisfy customer expectations, promote improved engagement, and foster steadfast loyalty.

MORE QUICK TRANSACTIONS  

Real-time, safe, and transparent transactions for FinTech companies around the world will be made possible by artificial intelligence, the Internet of Things (IoT), and blockchain technology. With the use of automation and safe peer-to-peer transactions for digital payments, loan origination and servicing, BNPL, digital lending, etc., enterprises will be able to increase their efficiency.

CONTINUOUS SERVICE

Due to decentralization, data will be kept on dispersed nodes, which will drastically reduce account suspensions and denial of distributed services in Web 3.0. Additionally, this will assist FinTech companies in lowering the cost of managing server outages or seizures.

Today's FinTech industry is developing at such a rapid rate that there is a huge demand for partners in digital lending technologies from businesses all over the world. Next-generation enterprises need a trustworthy partner who is knowledgeable about the current FinTech sector, which is being driven by Web 3.0, in order to unleash innovation and scale quickly. These kinds of partnerships make it possible to differentiate your company in a highly competitive market!

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