It was easily a decade ago that Fintech did start making its presence felt in areas like banking & insurance, mostly for record keeping and open banking to enhance customer experiences. Technology penetrates Finance in every aspect today and Fintech becomes and established jargon. Very simply put, the limits that Fintech stretches and puts technology to use across industries of various scales are unbelievably expanding. Within each of the powerful industries, Fintech makes its mark in major business process to revolutionize the way Finance is integrated into the workflows using technology.

On the other hand, eCommerce development has a long story to tell too and evolves over the years to completely change how people transact, buy and sell. eCommerce giants like Amazon, Best Buy, Macy’s, Walmart, eBay and Staples keep up with the pace of technology to make sure that eCommerce becomes the way of doing things conveniently away from the hustle & bustle of markets and the brick & mortar stores. Visionary eCommerce platforms like Magento and Shopify continuously show innovative technology becomes the powerful disruptor with thoughtful deliberation and prudence.

Fintech strikes the balance, adapts to these changes to bring in competent, secure & trending processes to eCommerce in all its flavours; B2C, B2B and C2C. Fintech methodologies for remittances & payments bring in speed, efficiency & convenience into the otherwise mundane & complicated tasks. There was a time when eCommerce disrupted the ways of buying & selling especially for the retail B2C and then comes the era of the millennials where IoT & sensor based techniques, VR, AR all erase the thin lines between the real & the virtual to offer seamless user experiences across the online & the real stores.

Disrupting the Disruptor


Disruptions Brought in by Fintech in eCommerce


Fintech, an abbreviation for financial technology, is most definitely a millennial jargon responsible for integrating the nitty gritties of finance to make the mundane & many a times complicated chores related to finance easier to accomplish by a user.

Besides making life easier for the customers, Fintech simplifies e-Commerce business processes.


Innovations in Payments


The most obvious change that Fintech brings into eCommerce development is the innovative changes for payments. With easy & secure options available for quicker transactions the entire business cycle abbreviates to the benefit of all. The progression of the ease & convenience in payments brought in by Fintech started much before this jargon was coined and is quite impressive in itself.

The Progression in Approaches

Online payments

Mobile payments

Contactless payments

The Fintech Enablers

Credit & Debit cards
The very first paperless money, well established & need no introduction

Online Banking
Money transfers directly to other accounts from the comfort of web or apps

e-Wallets
Money on the phone with or without a bank account

Peer-to-Peer Payments
Crypto currencies avoiding third parties with Bitcoins making a rage

Unified Payment Interface
India’s very own payment system allowing money transfer between two bank accounts by using a smartphone and being discussed world wide

Innovations come in regularly for payments to be made in the eCommerce ecosystems.


“Messaging application WhatsApp has initiated discussions with Indian banks and other institutions to allow its users to make payments via United Payments Interface (UPI), which facilitates instant fund transfer between two bank accounts on the mobile platform.”

The Economic times 23-June-2017


Bitcoins making a rage of late permit users across the globe borderless financial transactions without hefty charges or any third party interventions. This crypto currency leads the various options available for an innovative & disruptive payment method relying heavily on blockchain to make it safe & secure.


Securing Transactions with Blockchain


Quite simply put, a distributed database recording every transaction in chronological order with appropriate co-relation to the previous one to maintain the connect, blockchain emerges as the latest of fintech to secure & track payments & other transactions.


“The biggest trend is data services on the Blockchain. Blockchain is just a technology that does not do anything without a service connected to it. In the financial technology sector, important players will recognize what can be achieved by using this technology. Blockchain technology will provide this accountability and help gain more trust and secure easy adoption in the financial sector.”

Richard Green

I/O Digital


Blockchain easily tops the Fintech discussions today with both technology & finance gurus like IBM, Linux, JP Morgan Chase Bank & Wells Fargo getting into the groove and is predicted to become a promising game changer for eCommerce.


Crowdfunding


Crowdfunding brings in the fastest collections of assured funds avoiding the complicated route through the investors. This millennial solution gives an innovative way to the  eCommerce development projects & startups to organize their finances.

BetaBrand – A Classic Example

Anyone with an idea can upload a design to this San Francisco based retail clothing eCommerce enterprise. The brands are put up for voting and the Betabrand crowdfunding campaign initiates the funds for the product prototype on site itself. Products funded & launched are published in the catalogues & put up for sale. Innovative, is it not?


Artificial intelligence, Virtual Assistants & Chatbots


Gartner predicts that by 2020, 85% of client interactions will be rolled out only with digital assistants, surpassing humans entirely. AI powered virtual assistants & bots will rely on techniques like voice & face recognition across channels in fields like eCommerce as well which besides offering better retail experiences, already disrupted by the millennials, will also integrate AI powered fintech services into the fold.


“Device to fade away. We’ll move from mobile first to an Artificial Intelligence first world.”

Google CEO

@sundarpichai


AI based fintech services through intelligent agents focus heavily on personalized recommendations & actionable insights through natural language interfaces. AI in eCommerce & Fintech lends its strengths to back-end to power decision making in lending, trading, and financial analysis and in the front-end to power the customer-facing services.

Virtual Assistants & Bots very specifically developed for enabling Fintech for eCommerce deliver close to human customer services and advices as a part of the eCommerce solution besides the very popularly used visual search & image recognition and product recommendation abilities for this industry.

Making eCommerce Intelligent


In a Nutshell


A new kind of commerce is already taking shape where eCommerce, mCommerce, meCommerce all merge. This new way of transacting is expected to grow at exponential rates in direct proportion to the smartphone & wearables penetration. Technology giants like Facebook, Google & Apple usher in into the Fintech sector heralding a promising future for eCommerce development putting in a little bit of technology into what makes eCommerce complete.

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