BairesDev White Paper Reveals AI’s Potential to Eliminate Credit Score Biases and Revolutionize Financial Predictions

The company presents a report based on 85+ FinTech projects, trends, and the impact of nearshore outsourcing, highlighting a 130% spike in project volume since 2020.

MOUNTAIN VIEW, Calif., Sept. 07, 2023 (GLOBE NEWSWIRE) — BairesDev®, a nearshore software outsourcing unicorn, unveils its 8 FinTech Trends White Paper, which gathered insights from more than 85 projects, clients and partners’ experiences, and tech and finance leaders. The findings show the emerging trends in the industry, including AI’s ability to eliminate credit score biases through in-depth profile learning, thereby enhancing credit allocation and risk assessment.

The FinTech industry is rapidly growing, with projections indicating it will reach $949.49 billion by 2030. It has also become one of the most booming industries among BairesDev’s clients, with a 130% increase in projects from this sector in the last three years alone.

Here are some of the most stand-out findings from the white paper:

  • Financial institutions globally note AI’s potential to deliver up to $1 trillion of yearly added value- McKinsey.
  • By leveraging AI and Machine Learning, clients are propelling predictive technology into the forefront—an evolutionary stride beyond conventional data reporting.
  • AI chatbots will provide financial institutions deep consumer insights, leading to transformative customer experiences.
  • Embedded finance and open banking are paving the way for financial inclusion, with embedded investments expected to grow by 421% in the next five years.
  • Among BairesDev FinTech projects, the most sought-after technologies include .NET/C#, Node.js, and Ruby.
  • RegTech and InsurTech’s expected combined valuation of $26 billion by 2025.
  • By 2024, about 25% of enterprises will adopt Web3 technologies, emphasizing the need for Web3 literacy in FinTech.

“FinTech’s rapid evolution, driven by AI and cybersecurity, is more than technological advancement. It’s about expanding financial access, enhancing lives, and fueling business growth for a stronger economic impact,” said Andrea Craig, Principal of Clients Solutions at BairesDev. “AI is not just a complementary tool but a central force in transforming how financial sectors operate, ensuring more accurate, personalized, and efficient services.”

The white paper also spotlights BairesDev’s collaboration with FinTech players. The company partnered with a financial services and technology company that leads a blockchain money transfer network, resulting in the development of a user-focused cryptocurrency platform now available in 150+ countries. The company’s engineering team, emphasizing test automation, QA processes, and risk assessment, now allows users to efficiently navigate a vast crypto portfolio of over 100 cryptocurrencies and ensure seamless transactions.

BairesDev currently has 186 active technical positions within the FinTech industry. Learn more about the company’s findings by reviewing its FinTech white paper and infographic.

About BairesDev
BairesDev is a strategic partner to hundreds of global brands on their software development journey. The company’s approach centers on understanding before action, offering tailored solutions: dedicated teams, outsourced projects, staff augmentation, and more. With over a decade of experience, BairesDev has collaborated with startups, Fortune Global 500 companies, and industry disruptors worldwide, alongside the top 1% of tech talent from the Americas and the Caribbean.

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