The world of FinTech growth is increasing day by day, topping up for the last three years to £25B.
Let's have a look for the 5 FinTech tend that could enrich the digital health products for the next decade:
Information accessibility - mobile apps started to be an open-source platform, where you could find, check, and share the information. The result of it is varied - from the credit scoring to mental health check-ups. Above all - real time contactless payments, transfers accessible from the palm of your hand, using a mobile connection.
Collecting and monitoring data from wearable HealthTech - for the last several decades the wearable HeathTech was growing exponentially in different forms and applications. From step and calorie counter to monitor chronic conditions, including cardiovascular disease, diabetes, stress, and mental health conditions. Nowadays with AI ( Artificial Intelligence) and ML ( Machine Learning) such metrics becoming normal and giving health professionals a better analysis and data in prescribing medicine or even surgeries for different categories of patients.
Data Science - with rapid development in AI and ML and Data Science Heath Practitioners will have a better understanding of the human biomechanics,underlying conditions, that could cause any of the diseases. The only issue is the accessibility of the data, as GDPR currently becoming an issue, otherwise, the historical data and API ( Application Programming Interface) is an answer to the next stage of the development.
Data is an asset. Nowadays this is the wealth and health of any company, financial institution, and Investment opportunity. The importance of the data is key in the development of future Tech. When you combine several applications ( Heath, Insurance,Payments, Banking, Loyalty for instance ) - you will have a diversified product, that will serve not only one purpose but enriching the lives and meaning for the whole population.
Development of ANN ( Artificial Neural Networks), AI & ML - as we could see from the example above the data science and modern Fintech innovations in Healthcare and banking could help each other to grow and benefit exponentially. Traditional banking will go digital, payments will be made in real time, customers ( patients), who accept the importance of the HealthTech will be living longer and paid for it, as a cashback on their accounts or tokens by improving their health, reducing the risk for underlying health conditions and benefit from the low insurance fees and discounts, growing the loyalty of the financial institution.
Let us know what do you think about future HeathTech and Fintech innovations in the comments below.
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