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The total amount of assets locked in various Decentralized Finance solutions (DeFi) has sky-rocketed to a whopping $22.46 billion according to data provided by DeFi pulse that watches the industry closely.
The traditional financial system has too many intermediaries, lack of liquidity, absence of transparency, and is influenced heavily by several external factors.
A DeFi development solution is antifragile, distributes more power to users, and transferring funds is quicker and cheaper.
What Is DeFi Development?DeFi development involves the creation of financial applications on existing blockchain networks.
It maintains a high level of transparency and ensures fast processing of transactions without the presence of any intermediaries in the system.
It offers various services like loans, yield farming, crypto staking, asset management, insurance, margin trading, and decentralized exchange of assets.
Decentralized finance (DeFi) solutions are financial applications operating on immutable blockchain networks.
Some of the famous DeFi projects making waves in the market are Uniswap, Compound, Yearn.Finance, Aave, and MakerDAO.
The traditional financial system suffers from a lot of issues like lack of accountability, prone to different kinds of risks, has uncontrollable volatility, affected by frauds, and some sections of the population can never access it.
DeFi projects come in different forms like lending and borrowing platforms, asset management, stablecoin development, market-making, decentralized crypto banking, DeFi lottery system development, decentralized fund management, insurance, yield farming, staking platforms, synthetic asset creation, decentralized trading, predictive markets, analytics, wallets, and derivative protocols.
The main benefits of DeFi solutions are it is highly interoperable, maintains a high level of transparency, does not involve any central entity like a government authority or a bank in the system, does not require its users to undergo KYC (Know Your Customer) verification or submit a valid credit score for availing any financial services, ensures full custody of funds for the users, provides greater accessibility for everyone in the world, and are unhackable as the nodes are distributed throughout the globe.
Procure Decentralized finance (DeFi ) solutions and become part of the new revolution soon.
[67 Report Pages ] In recent years, financial institutions are adopting the artificial intelligence (AI) technology for managing their financial assets and reducing operating cost, thereby increasing the revenue.
Several fintech companies and banks are rapidly deploying voice assistants and chatbots to manage customer interactions and resolve issues (queries) with minimal human involvement.
With the implementation of financial asset management, the financial institutions can effectively manage their financial assets and meet expectations of the changing customer behavior by leveraging technologies, including AI, predictive analytics, and machine learning.
This will assist organizations in automation and improves business processes, thus resulting in enhanced customer’s experience.The global AI in financial asset management market is categorized based on the presence of diversified small and large vendors.
However, various vendors such as IPsoft and Lexalytics are competing with them in the global market by providing solutions at a competitive price with the customized product offering.
The market growth is fuelled by key vendors entering into strategic partnerships with suppliers and third-party vendors in the ecosystem to increase the global footprint and customer service capabilities.Natural language processing (NLP) is the fastest growing technology in the global AI in financial asset management market owing to the increasing deployment of chatbots and virtual personal assistants in the banking sector.
OVO - Company financial technology or fintech payment OVO product launches financing Micro, Small, and Medium enterprises or SMES named DanaTara.
Based on BPS data, the contribution of SMES in GDP has already reached 60% and absorb 97,22% of the workforce nationally.
However, the penetration of financing in SMES is still low.
The low penetration of financing influenced by the limited access to financial services and financial literacy are not evenly distributed.
(Read: Grab Will Browse the Insurance Market to Finance in Indonesia in 2020)
DanaTara already available for the activists of the SMES that are incorporated in the e-commerce platform such as Tokopedia, Lazada, Shopee and BukaLapak.
