The ultimate user experience takes center stage. 

The lifeblood of economies is the movement of money. The placement of financial services along the forefront facilitates the trading of values, exchange of cash, payments, depositing or withdrawing, financing and investing, buying and selling, and risk insurance. 

The emergence of technologies has put the user the central focus of the fintech business model, as seen in the introduction of robust tools on the front-end and evolving multiple approaches to enhance client’s hands-on experience continually. 

Thus, the merging of finance and technology gave rise to fintech firms disrupting obsolete business models and leveraging innovative ones to improve financial services, thereby accelerating modernization and progress and a seamless customer lifestyle experience. 

What Emerging Technology Clusters Are 

The financial services industry is now technologically driven and led by emerging technology clusters reshaping the financial landscape. Artificial intelligence (AI), the Internet of Things (IoT), Fifth Generation (5G), and Cloud Computing are forming powerful clusters that are generating enormous opportunities for firms and consumers, according to an extensive, explorative study jointly conducted by the World Economic Forum and Deloitte. 

According to the study, AI and cloud are the core cluster that opens up other technologies where they can access and analyze the data that the other technologies are generating, storing, and transmitting. These make AI and cloud part of the other clusters. 

Cluster 1 – AI and cloud, sitting at the core of each cluster, with (a) AI helping to analyze, interpret, and make decisions based on the data that other technologies generate store, and process, and (b) Cloud that creates the connectivity to access other technologies as a service; for example, infrastructure as a service. 

Cluster 2 – 5G, IoT, TSH (task-specific hardware), AR/VR, AI, and Cloud. This cluster bridges the gap between the physical and digital financial worlds, thereby creating new ways of generating and accessing data. 

Cluster 3 – DLT (distributed ledger technology), PETS (privacy-enhancing technologies), AI, and Cloud. This cluster enables new and more secure methods of orienting and structuring transactions of both values like currencies and securities and data. 

Cluster 4 – Quantum, AI, and Cloud. This cluster augments the analytical capabilities of AI. 

Effects of Emerging Technology Clusters 

The remarkable interactions of these clusters allow for the development of newer financial products and services impacting the industry in essential ways, including firms and individuals. 

One is it further simplifies daily activities by increasing automation and embedding financial services. The combination of clusters 1, 2, and 3 allows for responsive automation to create seamlessly integrated transactions to routinary human activities. New product and service ideas can be created with this technology cluster to enhance ways of life and living. The combined power of AI, Cloud, IoT, 5G, and DLT can produce protocols for asynchronous machine-to-machine payments (M2M) processed on behalf of the users. Tolls and parking can be collected from the owner’s bank account or digital wallet on automation as the owner’s vehicle passes by or drives through. Automated collections and payments can be initiated on real estate rentals by guests, taxes dues, maintenance contractor salaries, and mortgages. Such digital user experiences are possible with this kind of cluster interaction. 

The second is that financial service companies can collaborate to address customer needs with specifically designed products and services to identify and fit a user’s lifestyle. Emerging technology clusters are making it possible with data collection analysis and secure data sharing to enable customized product designs via cross-industry partnerships for optimal solutions. The combination of AI, Cloud, 5G, and IoT can develop a post-claims solution for insurance. A cluster-sensored car can send real-time details when the car is involved in an accident by automated assessment of damage, the required assistance like towing, rescue, immediate transportation, and repair shop services. 

And thirdly, users are spared cumbersome encounters with brick-and-stone financial services. This kind of experience can be the highlight of emerging technology clusters as they are not noticeable at all. The seamless integration of financial transactions, needs, and opportunities brought about by digital innovation is a technological achievement by itself that makes life more exciting. 


User experience has now come to the fore and takes center stage so that technology developers and financial service providers must definitely collaborate to meet the growing expectations of clients and customers. The seamless facilitation of asset transfers so as not to interrupt daily human activities is a goal that is nearing accomplishment given the enabling power of emerging technologies to create and recreate.