The Future of FinTech: Key Trends Shaping 2025
The financial technology sector is on the brink of a transformative era as it gears up for 2025. With rapid advancements and shifting consumer expectations, the landscape is evolving at an unprecedented pace. Recent insights from the FinTech Association highlight two pivotal trends that are set to reshape the industry: trust-centricity and the increasing integration of artificial intelligence (AI) into business processes. These trends were prominently discussed by Olga Sorokina, a member of the Board of Directors and Deputy General Director for Business Development at Insurance House VSK, during the "FinTech Association: Trends 2025" conference.
Trust-Centricity: Building Loyalty in a Consolidated Market
Trust-centricity has emerged as a fundamental business trend for 2025, emphasizing the importance of fostering loyalty and trust among customers. Over the past few decades, the insurance sector has seen significant consolidation, with major players investing heavily in building strong customer relationships. VSK is positioning itself as the "company of conscious choice" for its clients, aiming to create a deep sense of trust through exceptional service.
Sorokina articulated the essence of trust-centricity, stating, "The essence of trust-centricity lies in first providing the user with convenient services, which then encourages them to become loyal customers." To put this into practice, VSK plans to scale its Digital Clinic, making various service functions accessible to all policyholders starting in March. This initiative, which includes the ability for clients to consult with medical advisors via chat, exemplifies the balance between investing in customer service and enhancing long-term loyalty.
The Role of Artificial Intelligence in Business Processes
Another significant trend identified by Sorokina is the integration of AI as a core component of companies’ technology architectures. AI is not just a tool; it is transforming business models and enabling organizations to build their foundations on "AI-plus" technologies. This shift is particularly impactful in the insurance sector, where processes such as claims adjustment, sales, and underwriting are increasingly powered by AI.
VSK is currently developing a comprehensive AI strategy, underscoring the importance of these technologies for future growth. Sorokina noted, "At present, the penetration rate of artificial intelligence within our business processes is at 11%. We are continually assessing the business impact of AI applications, which demonstrates our significant potential for implementing advanced digital services." The momentum surrounding AI is expected to facilitate scaled integration and enhance processing speeds across operations, ultimately leading to more efficient and effective service delivery.
Open Data: A Catalyst for Digitalization
The concept of Open Data is also emerging as a crucial driver of digitalization within the FinTech sector. VSK has taken the lead by piloting Open API within its industry, setting a benchmark for data sharing with the state information system "ERA-GLONASS." This initiative not only enhances the company’s ability to process insurance claims but also plays a vital role in combating fraudulent activities. By leveraging Open Data, VSK is positioning itself at the forefront of innovation, demonstrating how collaboration can lead to improved operational efficiency and customer trust.
The Rise of Hyper-Automation and RPA
The FinTech Association’s annual report, which analyzes macroeconomic, human, and technological factors influencing IT trends, highlights a growing inclination among companies toward hyper-automation and Robotic Process Automation (RPA). As organizations seek efficiencies within their operational structures, the FinTech ecosystem is poised to benefit from these advancements.
Upcoming events, such as the business dinner on February 19, 2025, will focus on RPA and AI, bringing together industry leaders to share insights on practical applications of these technologies. Project head Vladimir Fadeev from the First Bit is expected to present valuable perspectives on the future of RPA and AI within business processes, further enriching the dialogue around these transformative trends.
Navigating the Future of Financial Services
The convergence of trends highlighted by the FinTech Association paints a dynamic picture for the financial services sector. With trust-centric strategies and AI integration at the forefront, organizations are preparing to navigate the challenges of 2025. As technological advancements continue to reshape the landscape, companies that prioritize customer trust and leverage AI will be well-equipped to thrive in an ever-evolving market. The future of FinTech is not just about technology; it’s about building relationships and fostering loyalty in a rapidly changing world.